Share-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2017

The following table summarizes restricted stock activity for the three most recent fiscal years:



Outstanding and Nonvested Restricted Stock Awards:	Shares Awarded		Weighted Average Grant Date Fair Value ($)	Weighted Average Remaining Life (Years)	Aggregate Intrinsic Value ($ in thousands)
Outstanding at June 30, 2014	96,212		10.27	1.5	2,079
Granted	13,256		23.64	—	313
Exercised/Released(1)	(53,402	)	8.43	—	1,377
Cancelled/Forfeited	(8,984	)	8.36	—	—
Outstanding at June 30, 2015	47,082		16.48	1.2	1,106
Granted	10,170		29.99	—	305
Exercised/Released(2)	(24,841	)	14.08	—	747
Cancelled/Forfeited	(8,619	)	13.06	—	—
Outstanding at June 30, 2016	23,792		26.00	1.8	763
Granted	5,106		35.25	—	180
Exercised/Released	(7,458	)	24.16	—	253
Cancelled/Forfeited	(5,995	)	26.41	—	—
Outstanding at June 30, 2017	15,445		29.79	0.9	467
Expected to vest at June 30, 2017	14,989		29.79	0.9	453

__________

(1) Includes 4,297 shares that were withheld to meet the employees' minimum statutory tax withholding and retired.

(2) Includes 5,177 shares that were withheld to meet the employees' minimum statutory tax withholding and retired.

Following are the assumptions used in the Black-Scholes valuation model for NQOs granted during the fiscal years ended June 30, 2016 and 2015:



	Year Ended June 30,
	2016			2015
Weighted average fair value of NQOs	$	12.63		$	10.38
Risk-free interest rate	1.6		%	1.5		%
Dividend yield	—			—
Average expected term (years)	5.1			5.1
Expected stock price volatility	47.1		%	47.9		%

The following table summarizes NQO activity for the three most recent fiscal years:



Outstanding NQOs:	Number of NQOs		Weighted Average Exercise Price ($)	Weighted Average Grant Date Fair Value ($)	Weighted Average Remaining Life (Years)	Aggregate Intrinsic Value ($ in thousands)
Outstanding at June 30, 2014	412,454		12.44	5.30	4.4	3,782
Granted	25,703		23.91	10.38	6.8	—
Exercised	(95,723	)	16.17	5.86	—	747
Cancelled/Forfeited	(13,134	)	11.26	5.00	—	—
Outstanding at June 30, 2015	329,300		12.30	5.54	3.9	3,700
Granted	21,595		29.48	12.63	6.4	—
Exercised	(112,895	)	12.35	5.37	—	1,853
Cancelled/Forfeited	(18,371	)	13.45	6.17	—	—
Outstanding at June 30, 2016	219,629		13.87	6.28	3.7	3,995
Granted	—		—	—	—	—
Exercised(1)	(67,482	)	12.38	5.57	—	1,407
Cancelled/Forfeited	(18,683	)	25.13	10.90	—	—
Outstanding at June 30, 2017	133,464		13.05	5.99	2.6	2,299
Vested and exercisable at June 30, 2017	125,376		12.13	5.64	2.5	2,274
Vested and expected to vest at June 30, 2017	133,073		13.00	5.97	2.6	2,298

The following table summarizes nonvested NQO activity for the three most recent fiscal years:



Nonvested NQOs:	Number of NQOs		Weighted Average Exercise Price ($)	Weighted Average Grant Date Fair Value ($)	Weighted Average Remaining Life (Years)
Outstanding at June 30, 2014	167,798		10.65	5.06	5.3
Granted	25,703		23.91	10.38	6.8
Vested	(101,172	)	9.87	4.72	—
Forfeited	(12,134	)	10.31	4.91	—
Outstanding at June 30, 2015	80,195		15.94	7.21	5.2
Granted	21,595		29.48	12.63	6.4
Vested	(47,418	)	14.05	6.44	—
Forfeited	(15,641	)	12.95	6.09	—
Outstanding at June 30, 2016	38,731		27.02	11.63	6.1
Vested	(15,765	)	26.45	11.41	—
Forfeited	(14,878	)	27.44	11.96	—
Outstanding at June 30, 2017	8,088		27.33	11.47	5.3

Following are the assumptions used in the Black-Scholes valuation model for PNQs granted during the fiscal years ended June 30, 2017, 2016 and 2015:



	Year Ended June 30,
	2017			2016			2015
Weighted average fair value of PNQs	$	11.42		$	11.38		$	10.16
Risk-free interest rate	1.5		%	1.6		%	1.5		%
Dividend yield	—			—			—
Average expected term (years)	4.9			4.9			5.0
Expected stock price volatility	37.7		%	42.5		%	47.9		%

The following table summarizes PNQ activity for the three most recent fiscal years:



Outstanding PNQs:	Number of PNQs		Weighted Average Exercise Price ($)	Weighted Average Grant Date Fair Value ($)	Weighted Average Remaining Life (Years)	Aggregate Intrinsic Value ($ in thousands)
Outstanding at June 30, 2014	112,442		21.27	10.49	6.5	38
Granted	121,024		23.44	10.16	6.6	—
Cancelled/Forfeited	(9,399	)	21.33	10.52	—	—
Outstanding at June 30, 2015	224,067		22.44	10.31	6.0	237
Granted	143,466		29.48	11.38	6.2	—
Exercised	(14,144	)	21.20	10.45	—	107
Cancelled/Forfeited	(64,790	)	23.20	10.37	—	—
Outstanding at June 30, 2016	288,599		25.83	10.82	5.7	1,798
Granted	149,223		32.85	11.42	4.6	—
Exercised(1)	(15,321	)	26.26	10.98	—	109
Cancelled/Forfeited	(63,715	)	31.39	11.39	—	—
Outstanding at June 30, 2017	358,786		27.75	10.96	5.2	1,181
Vested and exercisable at June 30, 2017	150,761		23.97	10.58	4.3	947
Vested and expected to vest at June 30, 2017	347,766		27.64	10.95	5.2	1,173

The following table summarizes nonvested PNQ activity for the three most recent fiscal years:



Nonvested PNQs:	Number of PNQs		Weighted Average Exercise Price ($)	Weighted Average Grant Date Fair Value ($)	Weighted Average Remaining Life (Years)
Outstanding at June 30, 2014	112,442		21.27	10.49	6.5
Granted	121,024		23.44	10.16	6.6
Vested	(34,959	)	21.27	10.49	—
Forfeited	(9,399	)	21.33	10.52	—
Outstanding at June 30, 2015	189,108		22.66	10.28	6.2
Granted	143,466		29.48	11.38	6.2
Vested	(27,317	)	10.16	23.44	—
Forfeited	(64,790	)	23.20	10.37	—
Outstanding at June 30, 2016	240,467		26.49	10.92	5.9
Granted	149,223		32.85	11.42	4.6
Vested	(119,403	)	24.91	10.75	—
Forfeited	(62,262	)	31.39	11.39	—
Outstanding at June 30, 2017	208,025		30.48	11.24	5.8