STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of weighted average fair values per stock-based compensation award granted

Using the fair value of each grant on the date of grant, the weighted average fair values per stock-based compensation award granted during fiscal years 2023, 2022 and 2021 were as follows (1):

	Fiscal Years
	2023		2022		2021
SARs	$	1.52	$	2.56	$	—
SOs	1.43		1.82		2.89
RSUs	—		2.69		7.15
PSUs	—		—		5.83

_______________________________________________________________________________(1)The fair value of cash-settled SARs granted are estimated on the date of grant using a Black-Scholes valuation model, with the fair value recalculated on a quarterly basis. The fair value of market-based SOs granted are estimated on the date of grant using either a Monte Carlo valuation model or a Black-Scholes valuation model. The fair value of market-based RSUs and PSUs granted are estimated on the date of grant using a Monte Carlo valuation model.

Schedule of assumptions used in determining estimated fair value of stock options, SARs and market-based RSUs granted

The significant assumptions used in determining the estimated fair value of the market-based awards granted during fiscal years 2023, 2022 and 2021 were as follows:

	Fiscal Years
	2023		2022		2021
Risk-free interest rate	3.08 - 4.30%		1.25 - 3.04%		0.16 - 0.78%
Expected volatility	69.5 - 82.6%		58.3 - 64.5%		44.9 - 66.8%
Expected dividend yield	—	%	—	%	—	%
Expected term of share options	6.0 - 7.9 years		6.1 - 7.7 years		7.0 years

Schedule of stock-based compensation expense

Stock-based compensation expense was as follows:

	Fiscal Years
	2023		2022		2021
	(Dollars in thousands)
SARs & SOs (1)	$	1,352	$	(241)	$	456
RSUs & PSUs	964		1,575		2,798
Total stock-based compensation expense (recorded in general and administrative)	2,316		1,334		3,254
Less: Income tax benefit (2)	—		—		—
Total stock-based compensation expense, net of tax	$	2,316	$	1,334	$	3,254

_______________________________________________________________________________

(1)A benefit was recognized in fiscal year 2022 due to forfeiture of SARs and SOs.

(2)Federal statutory income tax rate utilized of 0% due to a valuation allowance in fiscal years 2023, 2022 and 2021.

Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option

Activity for all the Company's outstanding SARs is as follows:

	Shares/Units (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
	SARs
Outstanding balance at June 30, 2022	1,611	$	7.95
Granted	600	1.52
Forfeited/Expired	(113)	1.61
Exercised	—	—
Outstanding balance at June 30, 2023	2,098	$	6.45	6.37	$	(11,203)
Exercisable at June 30, 2023	1,119	$	10.33	4.22	$	(10,317)
Unvested awards, net of estimated forfeitures	825	$	2.02	8.82	$	(751)

Share-based Payment Arrangement, Option, Activity

Activity for all the Company's outstanding SOs is as follows:

	Shares/Units (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
	SOs
Outstanding balance at June 30, 2022	1,495	$	1.81
Granted	1,644	1.43
Forfeited/Expired	(148)	1.59
Exercised	—	—
Outstanding balance at June 30, 2023	2,991	$	1.61	8.98	$	(1,496)
Exercisable at June 30, 2023	645	$	1.54	9.05	$	(277)
Unvested awards, net of estimated forfeitures	1,958	$	1.63	8.97	$	(1,018)

Schedule of activity for RSUs

Activity for all the Company's RSUs is as follows:

	Shares/Units (in thousands)	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)
	RSUs
Outstanding balance at June 30, 2022	907	$	6.27
Granted	—	—
Forfeited	(34)	4.79
Vested	(88)	6.13
Outstanding balance at June 30, 2023	785	$	6.35	$	871
Vested at June 30, 2023	543	$	7.24	$	603
Unvested awards, net of estimated forfeitures	162	$	5.58	$	180

Schedule of activity for PSUs

Activity for all the Company's PSUs is as follows:

	Shares/Units (in thousands)	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)
	PSUs
Outstanding balance at June 30, 2022	74	$	9.82
Granted	—	—
Forfeited	(74)	9.82
Vested	—	—
Outstanding balance at June 30, 2023	—	$	—	$	—
Vested at June 30, 2023	—	$	—	$	—
Unvested awards, net of estimated forfeitures	—	$	—	$	—