Share-Based Compensation |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation |
The Company’s share-based compensation plans are described in Note 8 to the financial statements included in the Company’s Annual Report on Form 10-K for fiscal 2023. Share-based compensation expenses were $ and $ for the six months ended December 31, 2023, and 2022, respectively. This expense is included in selling, general and administrative expense in the Condensed Statements of Operations.
Stock Options
The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. On December 31 2023, the weighted average remaining contractual term for all outstanding stock options was 1,199,000 of total unrecognized compensation expense related to stock options is expected to be recognized over a weighted-average period of approximately years. years and the aggregate intrinsic value of the options was $ . Outstanding on December 31, 2023, were stock options issued to employees, of which were vested and exercisable and had an aggregate intrinsic value of $ . As of December 31, 2023, $
Restricted Stock
During the six months ended December 31, 2023, the Company issued restricted stock awards to employees totaling 385,000 of total unrecognized compensation expense related to restricted stock awards is expected to be recognized over a weighted-average period of approximately years. shares of common stock, with a weighted average vesting term of years and a weighted average fair value of $ per share, and to directors totaling shares of common stock, with a vesting term of six months and a weighted average fair value of $ per share. There were shares of unvested restricted stock with a weighted average fair value of $ per share outstanding as of December 31, 2023. As of December 31, 2023, $
Performance-Based Restricted Stock Units
The Company granted performance-based restricted stock units (“PSUs”) to our CEO in connection with his appointment as CEO on July 1, 2023. The PSUs are to be earned based on the extent to which performance goals tied to Total Shareholder Return (“TSR”) are achieved.
Stock based compensation expense recognized for PSUs was $1,006,000 of total unrecognized compensation expense related to outstanding PSUs that is expected to be recognized over a period of years. and $ for the six months ended December 31, 2023, and 2022, respectively. The weighted average grant date fair value per unit was $ and as of December 31, 2023, there are PSUs outstanding. On December 31, 2023, there was approximately $ |