Share-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2018

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, 2015	47,082		16.48	1.2	1,106
Granted	10,170		29.99	—	305
Exercised/Released(1)	(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
Granted	13,110		33.88	—	444
Exercised/Released	(9.642	)	31.12	—	323
Cancelled/Forfeited	(3.955	)	26.13	—	—
Outstanding at June 30, 2018	14,958		33.48	1.7	457
Expected to vest at June 30, 2018	14,493		33.50	1.7	443

__________

(1) 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, 2018 and 2016:



	Year Ended June 30,
	2018			2016
Weighted average fair value of NQOs	$	10.41		$	12.63
Risk-free interest rate	2.0		%	1.6		%
Dividend yield	—		%	—		%
Average expected term	4.6 years			5.1 years
Expected stock price volatility	35.4		%	47.1		%

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, 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
Granted	124,278		31.70	10.41	6.1	—
Exercised	(86,160	)	12.32	5.71	—	1,654
Cancelled/Forfeited	(10,258	)	28.52	10.72	—	—
Outstanding at June 30, 2018	161,324		26.82	9.24	5.1	741
Vested and exercisable at June 30, 2018	41,163		12.59	5.79	1.5	741
Vested and expected to vest at June 30, 2018	153,562		26.58	9.18	5.1	741

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, 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
Granted	124,278		31.70	10.41	6.1
Vested	(1,947	)	31.70	10.41	—
Forfeited	(10,258	)	30.47	12.40	—
Outstanding at June 30, 2018	120,161		31.70	10.43	6.4

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



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

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, 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
Exercised	(10,342	)	27.13	11.02	—	61
Cancelled/Forfeited	(47,736	)	32.06	11.43	—	—
Outstanding at June 30, 2018	300,708		27.08	10.89	4.0	1,207
Vested and exercisable at June 30, 2018	223,318		25.54	10.72	3.7	1,174
Vested and expected to vest at June 30, 2018	298,120		27.04	10.88	4.0	1,206

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, 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
Vested	(82,899	)	29	10.99	—
Forfeited	(47,736	)	32	11.43	—
Outstanding at June 30, 2018	77,390		31.53	11.39	5.0