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STOCK PLANS

All share-based payments to employees, including grants of employee stock options, are recognized in the financial statements based upon the grant-date fair value of the awards.

In January 2006, stockholders approved the 2006 Omnibus Incentive Plan ("2006 Plan") that provides various alternatives to compensate the Company's key employees. The 2006 Plan utilizes stock options, restricted stock grants, and stock appreciation rights. The 2006 Plan through its November 2008 and December 2013 amendments has authorized a total of 3,437,500 shares for grant. The Company granted restricted stock grants covering 441,642 shares in fiscal 2016, 181,894 shares in fiscal 2015, and 148,500 shares in fiscal 2014. As of June 30, 2016, the Company is authorized to grant an additional 200,629 shares.

The total compensation cost that has been recorded for such stock-based awards was an expense of $2.9 million in fiscal 2016, $2.8 million in fiscal 2015, and $2.1 million in fiscal 2014. The total income tax benefit recognized in the statement of operations for share-based compensation arrangements was $0.9 million in fiscal 2016, $1.9 million in fiscal 2015, and $1.1 million in fiscal 2014.

A summary of the activity of the Company's stock option plans as of June 30, 2016, 2015, and 2014 and changes during the fiscal years then ended is presented below:

Options	Shares			Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value

Outstanding at June 30, 2013		1,148,790		$	10.76		4.1	$	8,606,841
Granted		---			---
Forfeited or expired		(8,500	)	$	13.88
Exercised		(235,192	)	$	12.60
Outstanding at June 30, 2014		905,098		$	10.25		3.5	$	10,018,958
Granted		---			---
Forfeited or expired		---			---
Exercised		(609,309	)	$	10.63
Outstanding at June 30, 2015		295,789		$	9.47		2.6	$	3,316,030
Granted		---			---
Forfeited or expired		(5,670	)	$	12.81
Exercised		(14,950	)	$	11.33
Outstanding at June 30, 2016		275,169		$	9.30		1.7	$	(310,740	)
Exercisable at June 30, 2016		275,169		$	9.30		1.7	$	(310,740	)

The total intrinsic value of options exercised during fiscal 2016, 2015, and 2014 was $0.1 million, $8.4 million, and $1.9 million, respectively.

Restricted Shares

	Number of Shares		Weighted-Average Grant Date Fair Value
Unvested at June 30, 2013		355,963	$	15.75
Granted		148,500	$	22.13
Forfeited		(16,975)	$	13.49
Vested		(130,783)	$	14.75
Unvested at June 30, 2014		356,705	$	18.88
Granted		181,894	$	22.75
Forfeited		(8,784)	$	18.85
Vested		(133,449)	$	17.53
Unvested at June 30, 2015		396,366	$	21.13
Granted		441,642	$	8.03
Forfeited		(83,749)	$	21.14
Vested		(152,465)	$	17.14
Unvested at June 30, 2016		601,794	$	11.92

Restricted shares have been granted to employees subject to achievement of certain time-based targets and vest evenly over a four or five-year period, commencing with the first anniversary of the grant date.

As of June 30, 2016, we had $5.9 million of total unrecognized compensation expense related to restricted shares that is expected to be recognized over the remaining weighted average period of approximately 3.1 years.