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Stock Based Compensation (Text Block)
 3 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
STOCK-BASED COMPENSATION
Our pre-tax operating income for the three months ended September 30, 2014 and 2013, includes $2,068 and $1,922 of equity-based compensation costs, respectively.
2005 NSOP and 1996 SOP
The Company previously issued options to employees under the 1996 Stock Option Plan (“1996 SOP”) and to outside directors under the 2005 Non-Qualified Stock Option Plan (“2005 NSOP”). No stock options were issued under the 1996 SOP or the 2005 NSOP during the three months ended September 30, 2014.
A summary of option plan activity under the plan is as follows:
 
Number of Shares
 
Weighted Average Exercise Price
 
Aggregate
 Intrinsic
 Value
Outstanding July 1, 2014
125

 
22.29

 
 
Granted
—

 
—

 
 
Forfeited
—

 
—

 
 
Exercised
(9
)
 
19.04

 
 
Outstanding September 30, 2014
116

 
$
22.54

 
$
3,842

Vested September 30, 2014
116

 
$
22.54

 
$
3,842

Exercisable September 30, 2014
116

 
$
22.54

 
$
3,842


Compensation cost related to outstanding options has been fully recognized. The weighted average remaining contractual term on options currently exercisable as of September 30, 2014 was 3.48 years.
Restricted Stock Plan
The Company issues both share awards and unit awards under the Restricted Stock Plan. The following table summarizes non-vested share awards as of September 30, 2014, as well as activity for the three months then ended:
Share awards
Shares
 
Weighted
Average
Grant Date
Fair Value
Outstanding July 1, 2014
138

 
33.56

Granted
9

 
56.06

Vested
(32
)
 
26.18

Forfeited
(7
)
 
46.39

Outstanding September 30, 2014
108

 
$
36.79


At September 30, 2014, there was $1,496 of compensation expense that has yet to be recognized related to non-vested restricted stock share awards, which will be recognized over a weighted-average period of 1.18 years.
The following table summarizes non-vested unit awards as of September 30, 2014, as well as activity for the three months then ended:
Unit awards
Shares
 
Weighted
Average
Grant Date
Fair Value
Outstanding July 1, 2014
709

 
31.66

Granted
164

 
53.04

Vested
(277
)
 
19.69

Forfeited
(101
)
 
19.69

Outstanding September 30, 2014
495

 
47.83

The weighted average assumptions used in this model to estimate fair value at the measurement date and resulting values are as follows:
Volatility
17.8
%
Risk free interest rate
1.06
%
Dividend yield
1.5
%
Stock Beta
0.765

At September 30, 2014, there was $15,369 of compensation expense that has yet to be recognized related to non-vested restricted stock unit awards, which will be recognized over a weighted-average period of 1.94 years.