Share-Based Payments

6 Months Ended

Dec. 31, 2011

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 9: Share-Based Payments

We recorded share-based compensation expense for the three months ended December 31, 2011 and 2010 of $1,089 and $935, respectively, with a related tax benefit of $392 and $336, respectively. We also recorded share-based compensation expense for the six months ended December 31, 2011 and 2010 of $2,318 and $1,882, respectively, with a related tax benefit of $835 and $677, respectively.

Stock Options
We use the Black-Scholes option-pricing model to calculate the fair value of stock option awards. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate, dividend yield and exercise price. Many of these assumptions are judgmental and highly sensitive in the determination of compensation expense. Under the assumptions indicated below, the weighted-average fair value of stock option grants for the three months ended December 31, 2011 was $9.49. During the three months ended December 31, 2010, there were no stock options awarded. Under the assumptions indicated below, the weighted-average fair value of stock option grants for the six months ended December 31, 2011 and 2010 was $7.11 and $2.99, respectively. During the three months ended December 31, 2011, we issued stock options for an aggregate of 2,000 shares of common stock. During the six months ended December 31, 2011 and 2010, we issued stock options for an aggregate of 223,062 and 50,000 shares of common stock, respectively.

The table below indicates the key assumptions used in the option valuation calculations for options granted in the periods presented:

	Three Months Ended December 31,					Six Months Ended December 31,
	2011			2010		2011			2010
Term		6.6 Years			n/a		6.6 Years			4.1 Years
Volatility		59.5	%		n/a		59.5	%		45.7	%
Dividend yield		0.0	%		n/a		0.0	%		0.0	%
Risk-free interest rate		1.5	%		n/a		1.5	%		1.1	%

Restricted Stock
Our share-based compensation expense also includes the effects of the issuance of restricted stock units. The compensation expense related to restricted stock awards is determined based on the market price of our stock at the date of grant applied to the total number of shares that are anticipated to fully vest, which is then amortized over the expected term. During the three months ended December 31, 2011 and 2010, an aggregate of 30,909 and 258,000 shares, respectively, of restricted stock units were issued at a weighted average grant price of $16.91 and $10.67, respectively. During the six months ended December 31, 2011 and 2010, an aggregate of 146,412 and 289,000 shares, respectively, of restricted stock units were issued at a weighted average grant price of $13.24 and $10.38, respectively. Generally, the restrictions on the restricted stock units granted to employees prior to January 1, 2011 lapse at a rate of 50% after three years and the remaining 50% after the fourth year. Restrictions on restricted stock units granted to employees after January 1, 2011 lapse at a rate of 25% each year.