EQUITY AND STOCK-BASED COMPENSATION

9 Months Ended

Mar. 31, 2019

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

Common Stock Repurchases. On March 17, 2016, the Board of Directors of the Company (the “Board”), authorized a program to repurchase up to $100 million of common stock. The new share repurchase authorization replaces the previous share repurchase plan approved on July 5, 2005. The Company may repurchase shares on the open market or through privately negotiated transactions at times and prices considered appropriate, at the discretion of the Company, and subject to its assessment of alternative uses of capital, stock trading price, general market conditions and regulatory factors. The repurchase program does not obligate the Company to acquire any specific number of shares. The share repurchase program will continue in effect until terminated by the Board. During the nine months ended March 31, 2019, the Company has repurchased a total of $47.9 million, or 1,704,528 common shares at an average price of $28.09 per share. As of March 31, 2019, the Company has $16.9 million remaining under the current Board authorized stock repurchase program. The Company accounts for treasury stock using the cost method as a reduction of stockholders’ equity in the accompanying unaudited condensed consolidated financial statements.

Restricted Stock Units. During the nine months ended March 31, 2019 and 2018, the Company granted 1,101,724 and 728,129 restricted stock unit awards (“RSUs”) to employees and directors, respectively. RSUs granted during these quarters generally vest over three years, one-third on each anniversary date, except for any RSUs granted to the Company’s CEO, which vest one-fourth on each fiscal year end.

The Company’s income before income taxes and net income for the three months ended March 31, 2019 and 2018 include stock award expense of $6,802 and $3,994, with total income tax benefit of $2,325 and $1,365, respectively. For the nine months ended March 31, 2019 and 2018 include stock award expense of $17,979 and $11,680, with total income tax benefit of $4,773 and $4,565, respectively. The Company recognizes compensation expense based upon the grant-date fair value divided by the vesting and the service period between each vesting date. At March 31, 2019, unrecognized compensation expense related to non-vested awards aggregated to $46,013 and is expected to be recognized in future periods as follows:



(Dollars in thousands)	Stock Award Compensation Expense
For the fiscal year remainder:
2019	$	8,012
2020	18,299
2021	12,046
2022	5,051
2023	1,439
Thereafter	1,166
Total	$	46,013

The following table presents the status and changes in restricted stock units for the periods indicated:



	Restricted Stock Units		Weighted-Average Grant-Date Fair Value
Non-vested balance at June 30, 2017	1,240,322		$	22.52
Granted	747,022		26.53
Vested	(629,755	)	22.55
Canceled	(123,858	)	23.38
Non-vested balance at June 30, 2018	1,233,731		$	24.84
Granted	1,101,724		34.68
Vested	(388,599	)	24.20
Canceled	(48,451	)	29.14
Non-vested balance at March 31, 2019	1,898,405		$	30.57

The total fair value of shares vested for the three and nine months ended March 31, 2019 was $421 and $13,609. The total fair value of shares vested for the three and nine months ended March 31, 2018 was $674 and $9,400.