SHAREHOLDERS' EQUITY

9 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY:

Stock-Based Employee Compensation:

During the nine months ended March 31, 2023, the Company granted various equity awards including stock options and stock appreciation rights as follows:


	Three Months Ended March 31, 2023	Nine Months Ended March 31, 2023



Stock options (SOs)	—	1,600,000
Stock appreciation rights (SARs)	—	600,000

The SOs and SARs granted during the nine months ended March 31, 2023 vest in equal amounts over a one or three-year period subsequent to the grant date.

Total compensation cost for stock-based payment arrangements totaling $0.6 and $0.5 million for the three months ended March 31, 2023 and 2022, respectively, and $1.7 and $0.9 million for the nine months ended March 31, 2023 and 2022, respectively, were recorded within general and administrative expense on the unaudited Condensed Consolidated Statement of Operations. In the nine months ended March 31, 2022, stock compensation includes a benefit related to executive forfeitures of $2.0 million.

Share Issuance Program:

In fiscal year 2021, the Company filed a $150.0 million shelf registration statement and $50.0 million prospectus supplement with the Securities and Exchange Commission (SEC) under which it may offer and sell, from time to time, up to $50.0 million worth of its Class A common stock in "at-the-market" offerings. During the nine months ended March 31, 2023, the Company did not issue any shares. During the nine months ended March 31, 2022, the Company issued 9.3 million shares and received net proceeds of $37.2 million. As of March 31, 2023, $11.6 million remains under the prospectus supplement, which equates to 10.4 million shares based on the share price as of March 31, 2023.