Share-Based Payments

6 Months Ended

Dec. 31, 2013

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

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

Note 6: Share-Based Payments

We recorded share-based compensation expense for the three months ended December 31, 2013 and 2012 of $1,565 and $1,526, respectively, with related tax benefits of $569 and $549, respectively. For the six months ended December 31, 2013 and 2012, we recorded share-based compensation expense of $2,821 and $2,756, respectively, with related tax benefits of $1,025 and $992, 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.

There were 0 stock option grants for the three months ended December 31, 2013 and 2012. Under the assumptions indicated below, the weighted-average fair value of stock option grants for the six months ended December 31, 2013 and 2012 was $8.53 and $11.49, respectively. During the six months ended December 31, 2013 and 2012, we granted stock options aggregating 166,938 and 122,934 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:

	Six Months Ended December 31,
	2013			2012
Term		8.5 Years			7.3 Years
Volatility		57.0	%		59.2	%
Dividend yield		—			—
Risk-free interest rate		2.4	%		1.2	%

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 anticipated to fully vest, which is then amortized over the expected term. During the three months ended December 31, 2013 and 2012, an aggregate of 30,000 restricted stock units in each period were issued at a weighted average stock price at date of grant of $14.90 and $14.52, respectively. During the six months ended December 31, 2013 and 2012, an aggregate of 213,195 and 162,901 shares, respectively, of restricted stock units were issued at a weighted average stock price at date of grant of $14.43 and $18.49, respectively. Generally, the restrictions on the restricted stock units granted to employees prior to January 1, 2011 lapse at a rate of 50% on the three-year anniversary and the remaining 50% on the fourth year anniversary. Restrictions on restricted stock units granted to employees after January 1, 2011 lapse at a rate of 25% each year.