Equity Incentive Plan

The Company provides stock-based awards through the 2013 Omnibus Incentive Plan which provides for awards of restricted stock, restricted stock units, stock options, stock appreciation rights, and cash awards to directors, emeritus directors, officers, employees, and advisory directors. The cost of equity-based awards under the 2013 Omnibus Incentive Plan generally is based on the fair value of the awards on their grant date. The maximum number of shares that may be utilized for awards under the plan is 2,962,400, including 2,116,000 for stock options and stock appreciation rights and 846,400 for awards of restricted stock and restricted stock units.

Shares of common stock issued under the 2013 Omnibus Incentive Plan may be authorized but unissued shares or, in the case of restricted stock awards, may be repurchased shares. As of June 30, 2013, the Company had repurchased all 846,400 shares on the open market for issuance under the 2013 Omnibus Incentive Plan, for $13,297, at an average cost of $15.71 per share.

Share based compensation expense related to stock options and restricted stock recognized for the fiscal year ended June 30, 2017, 2016, and 2015 were $4,166, $2,939, and $2,821, respectively, before the related tax benefit of $1,541, $1,087, and $1,044, respectively.

The table below presents stock option activity and related information:



	Options	Weighted- average exercise price		Remaining contractual life (years)	Aggregate Intrinsic Value
Options outstanding at June 30, 2014	1,513,500	14.40		8.6	$	2,077
Granted	10,000	16.08		—	—
Exercised	18,000	14.37		—	—
Forfeited	7,500	14.37		—	—
Expired	—	—		—	—
Options outstanding at June 30, 2015	1,498,000	$	14.41	7.7	$	3,519
Exercisable at June 30, 2015	548,550	$	14.39
Granted	46,500	17.35		—	—
Exercised	2,200	14.37		—	—
Forfeited	13,000	14.37		—	—
Expired	—	—		—	—
Options outstanding at June 30, 2016	1,529,300	$	14.50	6.8	$	6,117
Exercisable at June 30, 2016	829,400	$	14.40
Granted	60,500	24.95		—	—
Granted, TriSummit acquisition	86,185	23.82		—	—
Exercised	185,142	16.56		—	—
Forfeited	19,000	14.53		—	—
Expired	1,800	14.37		—	—
Options outstanding at June 30, 2017	1,470,043	$	15.22	5.8	$	13,533
Exercisable at June 30, 2017	1,033,943	$	14.82

The fair value of each option is estimated on the date of grant using the Black-Scholes-Merton option pricing model. The weighted average fair value of each option granted in fiscal 2017 and 2016 was $7.76 and $4.53, respectively. Assumptions used for grants were as follows:



Assumptions in Estimating Option Values
	2017		2016
Weighted-average volatility	16.69	%	15.30	%
Expected dividend yield	—	%	—	%
Risk-free interest rate	2.36	%	1.63	%
Expected life (years)	6.5		6.5

At June 30, 2017, the Company had $1,526 of unrecognized compensation expense related to 1,470,043 stock options scheduled to vest over five- and seven-year vesting periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.2 years at June 30, 2017. At June 30, 2016, the Company had $2,396 of unrecognized compensation expense related to 1,529,300 stock options schedule to vest over five- and seven-year vesting periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.4 years at June 30, 2016. All unexercised options expire ten years after the grant date.

The table below presents restricted stock award activity for the year ended June 30, 2017:



	Restricted stock awards	Weighted- average grant date fair value		Aggregate Intrinsic Value
Non-vested at June 30, 2014	403,965	$	14.39	$	6,770
Granted	—	—		—
Vested	91,895	14.39		—
Forfeited	1,600	14.37		—
Non-vested at June 30, 2015	310,470	$	14.40	$	5,203
Granted	34,500	17.35		—
Vested	93,670	14.39		—
Forfeited	2,550	14.37		—
Non-vested at June 30, 2016	248,750	$	14.81	$	4,602
Granted	47,500	24.70		—
Vested	104,620	14.58		—
Forfeited	6,000	15.07		—
Non-vested at June 30, 2017	185,630	$	17.46	$	3,419

At June 30, 2017, unrecognized compensation expense was $2,493 related to 185,630 shares of restricted stock scheduled to vest over five- and seven-year vesting periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.6 years at June 30, 2017. At June 30, 2016, unrecognized compensation expense was $4,015 related to 248,750 shares of restricted stock scheduled to vest over five- and seven-year vesting periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.5 years at June 30, 2016.