Stock-Based Compensation

9 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Options

Changes in our stock options for the nine months ended March 31, 2024 were as follows:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (years)	Aggregate Intrinsic Value (in thousands)
Options outstanding, June 30, 2023	217,614	$	37.29

Exercised	—	—
Lapsed or forfeited	(52,304)	45.24
Options outstanding, March 31, 2024	165,310	$	34.78	1.0	$	57
Options vested, March 31, 2024	165,310	$	34.78	1.0	$	57
Options exercisable, March 31, 2024	165,310	$	34.78	1.0	$	57

As of March 31, 2024 and June 30, 2023, there was no unrecognized compensation cost related to options outstanding, and all options were fully vested as of March 31, 2024 and June 30, 2023.

There was no cash received from the exercise of options during the nine months ended March 31, 2024 and 2023. The total intrinsic value of options exercised during the nine months ended March 31, 2024 and 2023 was zero.

Restricted Stock Units – Performance Vesting and Time Vesting

Changes in our performance vesting and time vesting restricted stock units for the nine months ended March 31, 2024 were as follows:


	Performance Vesting Stock Units	Performance Vesting Weighted Average Fair Value		Time Vesting Stock Units	Time Vesting Weighted Average Fair Value
Unvested, June 30, 2023	483,481	$	31.68	1,207,442	$	30.26
Granted	270,911	25.99		714,334	25.84
Vested	(176,508)	33.49		(610,537)	31.20
Performance metric adjustments, net	37,378	38.45		—	—
Forfeited	(62,801)	32.05		(46,749)	27.53
Unvested, March 31, 2024	552,461	$	28.73	1,264,490	$	27.41

During the nine months ended March 31, 2024 and 2023, compensation expense related to time vesting and performance vesting restricted stock units was $19.8 million and $17.7 million, respectively. Performance vesting stock units were adjusted by 37,378 units during the nine months ended March 31, 2024 related to the fiscal 2023 performance year. As of March 31, 2024, the total unrecognized compensation cost related to unvested time vesting and performance vesting restricted stock units was $28.0 million and is expected to be recognized over a weighted average period of 1.7 years.