Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans

9 Months Ended

Mar. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans

Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans

Stock Option Activity Summary

The Company’s stock option activity for the nine months ended March 31, 2017, is as follows:

	Shares		Weighted Average Exercise Price
Outstanding at June 30, 2016	957,750		$	1.18
Granted	220,000		1.67
Exercised	—		—
Canceled or expired	(10,000	)	3.20
Outstanding at March 31, 2017	1,167,750		$	1.25

The aggregate intrinsic value of options exercisable at March 31, 2017, was $0.9 million as the fair value of the Company’s common stock is more than the exercise prices of these options. The remaining share-based compensation expense of $69 thousand related to stock options will be recognized over a weighted-average period of 1.02 years.

The table below details the Company’s stock options outstanding as of March 31, 2017:

Range of exercise prices	Number Outstanding	Options Outstanding Weighted- Average Remaining Contractual Life (years)	Weighted- Average Exercise Price		Number Exercisable	Options Exercisable Weighted- Average Exercise Price
$0.32 – 0.71	432,750	3.40	$	0.60	432,750	$	0.60
$1.20 – 1.67	650,000	7.65	1.44		430,000	1.32
$3.20 – 3.20	85,000	8.02	3.20		37,669	3.20
$0.32 – 3.20	1,167,750	6.10	$	1.25	900,419	$	1.05

Compensation costs recognized related to stock option awards were $17 thousand and $190 thousand for the three months ended March 31, 2017, and 2016, respectively, and $50 thousand and $265 thousand for the nine months ended March 31, 2017, and 2016, respectively.

Restricted Stock

The Company’s restricted stock activity for the nine months ended March 31, 2017, was as follows:

	Shares (in thousands)	Weighted Average Grant-Date Fair Value
Outstanding at June 30, 2016	154	$	3.07
Granted	258	1.73
Vested	—	—
Canceled or expired	10	2.23
Outstanding at March 31, 2017	402	$	2.34

Stock compensation expenses related to restricted stock were $71 thousand and $(21) thousand for the three months ended March 31, 2017, and 2016, respectively, and $207 thousand and $157 thousand for the nine months ended March 31, 2017, and 2016, respectively. The remaining share-based compensation expense of $376 thousand related to restricted stock awards granted will be recognized over a weighted-average period of 1.43 years.

Immediately Vested Stock

Stock compensation expenses related to stock that has no vesting period were $778 thousand and $0 for the nine months ended March 31, 2017, and 2016, respectively.

Securities Repurchase Program

On December 13, 2014, the Board of Directors amended the share repurchase program to allow for the repurchase of up to $5 million in Astrotech Corporation stock until December 31, 2015. On December 3, 2015, the Board of Directors authorized the extension of the share repurchase program through December 31, 2016. The share repurchase program ended as of December 31, 2016; as such, during the nine months ended March 31, 2017, no shares were repurchased as part of the share repurchase program. As of March 31, 2017, the Company had repurchased 188,635 shares of common stock at a cost of $492 thousand, which represents an average cost of $2.61 per share.

Shares Repurchased from Related Parties

In December 2016 the Company repurchased 601,852 shares from the Chief Executive Officer at a cost of $975 thousand, which represents an average cost of $1.62 per share. In August 2016 the Company repurchased 192,000 shares issued to the Chief Financial Officer and Chief Operating Officer related to their tax withholding obligations at a cost of $308 thousand, which represents an average cost of $1.60 per share.