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Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans | 12 Months Ended
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Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans | (10) Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans 2021 Omnibus Equity Plan (“2021 Plan”) On May 26, 2021 (the “Effective Date”), at the 2020 Annual Meeting of Shareholders, the shareholders of the Company voted to adopt the 2021 Plan. We currently maintain the 2011 Stock Incentive Plan (the “Prior Plan”). However, following the Effective Date, no further awards may be issued under the Prior Plan, but all awards under the Prior Plan that are outstanding as of the Effective Date will continue to be governed by the terms, conditions, and procedures set forth in the Prior Plan and any applicable award agreement. Under the 2021 Plan, 1,500,000 shares of Company common stock are initially available for grant. The number of shares available for grant under the 2021 Plan is designed to enable the Company to properly incentivize its employees and management teams over a number of years on a going-forward basis. The 2021 Plan, administered by the Compensation Committee of the Board of Directors, provided for granting of incentive awards in the form of stock, stock options, stock appreciation rights, and restricted stock to employees, directors, and consultants of the Company. 2011 Stock Incentive Plan (“2011 Plan”) The 2011 Plan was designed to increase shareholder value by compensating employees over the long term. The plan was used to promote long-term financial success and execution of the Company’s business strategy. At the time of approval, 350,000 shares of Astrotech’s common stock were reserved for issuance under this plan. On June 26, 2014, an additional 400,000 shares of Astrotech’s common stock were approved for issuance under this plan. On December 7, 2017, an additional 225,000 shares of Astrotech’s common stock were approved for issuance under this plan. On December 7, 2018, an additional 537,197 shares of Astrotech’s common stock were approved for issuance under this plan. On June 29, 2020, an additional 1,500,000 shares of Astrotech’s common stock were approved for issuance under this plan. Stock Option Activity Summary The Company’s stock option activity for the years ended June 30, 2021 and 2020 was as follows:
|  | Shares (In thousands) |  |  | Weighted Average Exercise Price |
Outstanding at June 30, 2019 |  |  | 324 |  |  | $ | 5.71 |
Granted |  |  | 10 |  |  |  | 1.85 |
Exercised |  |  | — |  |  |  | — |
Canceled or expired |  |  | (9 | ) |  |  | 4.18 |
Outstanding at June 30, 2020 |  |  | 325 |  |  | $ | 5.68 |
Granted |  |  | 50 |  |  |  | 5.00 |
Exercised |  |  | — |  |  |  | — |
Canceled or expired |  |  | (100 | ) |  |  | 6.49 |
Outstanding at June 30, 2021 |  |  | 275 |  |  | $ | 5.25 |
The aggregate intrinsic value of options exercisable at June 30, 2021 was $0 as the fair value of the Company’s common stock is less than the exercise prices of these options. The aggregate intrinsic value of all options outstanding at June 30, 2021 was $0.
Range of exercise prices |  | Number Outstanding (In thousands) |  |  | Options Outstanding Weighted- Average Remaining Contractual Life (years) |  |  | Weighted- Average Exercise Price |  |  | Number Exercisable (In thousands) |  |  | Options Exercisable Weighted- Average Exercise Price |
$1.85 – $3.55 |  |  | 76 |  |  |  | 1.8 |  |  | $ | 3.35 |  |  |  | 70 |  |  | $ | 3.35 |
$5.30 – $5.85 |  |  | 113 |  |  |  | 5.9 |  |  |  | 5.49 |  |  |  | 113 |  |  |  | 5.49 |
$6.00 – $7.50 |  |  | 86 |  |  |  | 2.5 |  |  |  | 6.59 |  |  |  | 86 |  |  |  | 6.59 |
$1.85 – $7.50 |  |  | 275 |  |  |  | 3.7 |  |  | $ | 5.25 |  |  |  | 269 |  |  | $ | 5.29 |
Compensation costs recognized related to vested stock option awards during the years ended June 30, 2021 and 2020 were $1 thousand and $147 thousand, respectively. At June 30, 2021, there was $1 thousand of total unrecognized compensation cost related to non-vested stock option awards, which is expected to be recognized over a weighted average period of 1.3 years. Restricted Stock The Company’s restricted stock activity for the years ended June 30, 2021 and 2020, was as follows:
|  | Shares (In thousands) |  |  | Weighted Average Grant-Date Fair Value |
Outstanding at June 30, 2019 |  |  | 208 |  |  | $ | 4.06 |
Granted |  |  | 5 |  |  |  | 2.47 |
Exercised |  |  | (63 | ) |  |  | 3.77 |
Canceled or expired |  |  | (17 | ) |  |  | 4.06 |
Outstanding at June 30, 2020 |  |  | 133 |  |  | $ | 3.95 |
Granted |  |  | 2,019 |  |  |  | 2.02 |
Exercised |  |  | (58 | ) |  |  | 1.84 |
Canceled or expired |  |  | (71 | ) |  |  | 3.57 |
Outstanding at June 30, 2021 |  |  | 2,023 |  |  | $ | 2.05 |
Compensation costs recognized related to vested restricted stock awards during the years ended June 30, 2021 and 2020 were $625 thousand and $202 thousand, respectively. At June 30, 2021, there was $3.7 million of unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 2.7 years. Fair Value of Stock-Based Compensation Stock-based compensation costs are generally based on the fair value calculated from the Black-Scholes model on the date of grant of stock options. The fair values of stock options are amortized as compensation expense on a straight-line basis over the vesting period of the grants. The Company recognizes forfeitures as they occur. The assumptions used for the years ended June 30, 2021 and 2020 and the resulting estimates of weighted-average fair value per share of options granted or modified are summarized in the following table:
|  | Year Ended June 30, 2021 |  |  | Year Ended June 30, 2020 |
Expected Dividend Yield |  | — |  |  | — |
Expected Volatility |  |  | 106.29 | % |  |  | 103.14 | %
Risk-Free Interest Rates |  |  | 1.45 | % |  |  | 0.66 | %
Expected Option Life (in years) |  |  | 3.5 |  |  |  | 3.5 |
Weighted-average grant-date fair value of options awarded |  | $ | 2.40 |  |  | $ | 2.42 |
| • | The expected dividend yield is based on the Company’s current dividend yield and the best estimate of projected dividend yield for future periods within the expected life of the option, which is currently 0%.
| • | The Company estimated volatility using the historical share price performance over the expected life. Management believes the historical estimated volatility is materially indicative of expectations about future volatility.
| • | The estimate of the risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant.
| • | For the years ended June 30, 2021 and June 30, 2020, the Company used the simplified method of calculating the expected life of the options.

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