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Stock Based Compensation (Text Block)
 9 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
STOCK-BASED COMPENSATION
Our operating income for the three months ended March 31, 2016 and 2015 includes $3,101 and $2,759 of stock-based compensation costs, respectively. For the nine months ended March 31, 2016 and 2015, stock-based compensation costs totaled $8,213 and $7,342, 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 by the Company during the nine months ended March 31, 2016.
A summary of option plan activity under these plans are as follows:
 
Number of Shares
 
Weighted Average Exercise Price
 
Aggregate
 Intrinsic
 Value
Outstanding July 1, 2015
100

 
23.07

 
 
Granted
—

 
—

 
 
Forfeited
—

 
—

 
 
Exercised
—

 
—

 
 
Outstanding March 31, 2016
100

 
$
23.07

 
$
6,151

Vested March 31, 2016
100

 
$
23.07

 
$
6,151

Exercisable March 31, 2016
100

 
$
23.07

 
$
6,151


Compensation cost related to outstanding options has now been fully recognized. The weighted average remaining contractual term on options currently exercisable as of March 31, 2016 was 2.41 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 March 31, 2016, as well as activity for the nine months then ended:
Share awards
Shares
 
Weighted
Average
Grant Date
Fair Value
Outstanding July 1, 2015
72

 
34.28

Granted
22

 
66.13

Vested
(23
)
 
42.55

Forfeited
(11
)
 
22.51

Outstanding March 31, 2016
60

 
$
44.92


At March 31, 2016, there was $1,233 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 0.92 years.
The following table summarizes non-vested unit awards as of March 31, 2016, as well as activity for the nine months then ended:
Unit awards
Shares
 
Weighted
Average
Grant Date
Fair Value
Outstanding July 1, 2015
499

 
48.13

Granted
130

 
75.99

Vested
(99
)
 
44.09

Forfeited
(101
)
 
45.89

Outstanding March 31, 2016
429

 
$
58.06


The Company utilized a Monte Carlo pricing model customized to the specific provisions of the Company’s plan design to value unit awards subject to performance targets on the grant dates. The weighted average assumptions used in this model to estimate fair value at the measurement date and resulting values for 118 unit awards granted in fiscal 2016 are as follows:
Volatility
15.6
%
Risk free interest rate
1.06
%
Dividend yield
1.5
%
Stock Beta
0.741

The remaining 12 unit awards granted are not subject to performance targets, and therefore the estimated fair value at measurement date is valued in the same manner as restricted stock award grants.
At March 31, 2016, there was $12,330 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 1.34 years.