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Stock Compensation
 3 Months Ended
Sep. 30, 2022
Share-based Payment Arrangement [Abstract]  
Stock Compensation Stock Compensation
Stock-based compensation expense during the quarters ended September 30, 2022 and September 30, 2021 was $1.2 million and $1.1 million, respectively. The total income tax benefit for stock compensation arrangements was $0.3 million for both quarters ended September 30, 2022 and September 30, 2021.
During fiscal year 2023, the following stock compensation was awarded to officers and other key employees and to members of the Board of Directors who are not employees. All awards were granted under the 2017 Stock Incentive Plan. For more
information on stock compensation awards, refer to our Annual Report on Form 10-K for the fiscal year ended June 30, 2022.
Type of AwardQuarter AwardedTargeted Shares or Units
Grant Date Fair Value (4)
Performance Units (1)
1st Quarter152,034 $7.33
Restricted Stock Units (2)
1st Quarter379,087 $7.83
Unrestricted Shares (3)
1st Quarter21,318 $7.77
(1) Performance units were awarded to key officers. Vesting occurs at June 30, 2025. Participants will earn from 0% to 200% of the target award depending upon the compound annual growth rate of Kimball International’s adjusted earnings per share at the end of the performance period. The maximum number of units that can be issued under these awards is 304,068.
(2) Restricted stock units were awarded to officers and key employees. Vesting occurs at June 30, 2025. Upon vesting, the outstanding number of restricted stock units and the value of dividends accumulated over the vesting period are converted to shares of common stock.
(3) Unrestricted shares were awarded to non-employee members of the Board of Directors as consideration for service to Kimball International and do not have vesting periods, holding periods, restrictions on sale, or other restrictions.
(4) The grant date fair value of the performance units was based on the stock price at the date of the award, reduced by the present value of dividends normally paid over the vesting period which are not payable on outstanding performance units. The grant date fair value of the restricted stock units and unrestricted shares was based on the stock price at the date of the award.