Equity Incentive Plan

12 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plan

Equity Incentive Plan

The Company historically provided stock-based awards through the 2013 Omnibus Incentive Plan, which provided for awards of restricted stock, restricted stock units, stock options, stock appreciation rights and cash awards to directors, directors emeritus, officers, employees and advisory directors. On November 14, 2022, at the Company's annual meeting, stockholders approved the 2022 Omnibus Incentive Plan which provides for the same types of awards as described under the 2013 Omnibus Incentive Plan. Going forward, any future grants will be made under this plan.

The cost of equity-based awards under the 2022 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 1,000,000. Shares of common stock issued under the plan will be issued out of authorized but unissued shares, some or all of which may be repurchased shares.

The table below presents share-based compensation expense and the estimated related tax benefit for stock options and restricted stock for the dates indicated below:

	Year Ended June 30,
	2023		2022		2021
Share-based compensation expense	$	1,854	$	2,152	$	2,102
Tax benefit	436		508		494

The table below presents stock option activity and related information for the periods indicated below:

	Options	Weighted- Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Options outstanding at June 30, 2021	1,319,456	$	19.07	3.9	$	11,657
Granted	47,850	30.90
Exercised	(413,636)	14.70
Forfeited	(24,800)	23.96
Options outstanding at June 30, 2022	928,870	$	21.49	4.1	$	4,036
Exercisable at June 30, 2022	756,720	$	20.24	3.3	$	3,971
Non-vested at June 30, 2022	172,150	$	26.96	7.5	$	65
Options outstanding at June 30, 2022	928,870	$	21.49	4.1	$	4,036
Granted	5,000	24.07
Exercised	(352,096)	14.59
Forfeited	(12,550)	25.47
Options outstanding at June 30, 2023	569,224	$	25.69	5.1	$	141
Exercisable at June 30, 2023	493,264	$	25.40	4.6	$	141
Non-vested at June 30, 2023	75,960	$	27.56	7.9	$	—

Assumptions used in estimating the fair value of option granted during the periods indicated were as follows:

	Year Ended June 30,
	2023			2022
Weighted-average volatility	27.79		%	28.01		%
Expected dividend yield	1.62		%	1.13		%
Risk-free interest rate	3.11		%	2.02		%
Expected life (years)	6.5			6.5
Weighted-average fair value of options granted	$	6.77		$	8.60

At June 30, 2023, the Company had $478 of unrecognized compensation expense related to 75,960 stock options originally scheduled to vest over a five-year period. 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, 2023. At June 30, 2022, the Company had $954 of unrecognized compensation expense related to 172,150 stock options originally scheduled to vest over a five-year period. 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, 2022.

The table below presents restricted stock award activity and related information:

	Restricted Stock Awards(1)	Performance-Based Restricted Stock Units(2)	Weighted- Average Grant Date Fair Value		Aggregate Intrinsic Value
Non-vested at June 30, 2021	120,795	30,780	$	25.06	$	4,229
Granted	42,123	9,556	31.18		—
Vested	(46,626)	(7,118)	25.22		—
Forfeited	(13,600)	—	25.27		—
Non-vested at June 30, 2022	102,692	33,218	$	27.40	$	2,345
Granted	57,839	21,005	27.24		—
Vested	(41,590)	(13,861)	27.38		—
Forfeited	(10,090)	(3,032)	27.32		—
Non-vested at June 30, 2023	108,851	37,330	$	27.32	$	3,054

(1)Restricted stock awards are scheduled to vest over 1.0 year for director awards and 5.0 years for employee awards.

(2)Performance-based restricted stock units are scheduled to vest over 3.0 years assuming the applicable financial goals are met.

At June 30, 2023, unrecognized compensation expense was $3,154 related to 146,181 shares of restricted stock. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.8 years at June 30, 2023. At June 30, 2022, unrecognized compensation expense was $2,771 related to 135,910 shares of restricted stock. 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, 2022.