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Stock Based Compensation (Text Block)
 9 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Share-based Payment Arrangement [Text Block] STOCK-BASED COMPENSATION
Our operating income for the three months ended March 31, 2020 and 2019 included $4,691 and $3,505 of stock-based compensation costs, respectively. For the nine months ended March 31, 2020 and 2019, stock-based compensation costs included in operating income totaled $11,688 and $8,651, respectively.
Stock Options
On November 10, 2015, the Company adopted the 2015 Equity Incentive Plan ("2015 EIP") for its employees and non-employee directors. The plan allows for grants of stock options, stock appreciation rights, restricted stock shares or units, and performance shares or units. The maximum number of shares authorized for issuance under the plan is 3,000. For stock options, terms and vesting periods of the options are determined by the Compensation Committee of the Board of Directors when granted. The option period must expire not more than ten years from the option grant date. The options granted under this plan are exercisable beginning three years after the grant date at an exercise price equal to 100% of the fair market value of the stock at the grant date. The options terminate upon surrender of the option, ninety days after termination of employment, upon the expiration of one year following notification of a deceased optionee, or ten years after grant.
The Company previously issued options to outside directors under the 2005 Non-Qualified Stock Option Plan (“2005 NSOP”). No additional stock options may be issued under this plan.
A summary of option plan activity under these plans is as follows:
 Number of SharesWeighted Average Exercise PriceAggregate
Intrinsic
Value
Outstanding July 1, 201932  $87.27   
Granted—  —   
Forfeited—  —   
Exercised(10) —   
Outstanding March 31, 202022  $87.27  $1,474  
Vested and Expected to Vest March 31, 202022  $87.27  $1,474  
Exercisable March 31, 202022  $87.27  $1,474  
At March 31, 2020, there was no compensation cost yet to be recognized related to outstanding options. For options currently exercisable, the weighted average remaining contractual term (remaining period of exercisability) as of March 31, 2020 was 6.25 years.
Restricted Stock Awards
The Company issues both share awards and unit awards under the 2015 EIP, and previously issued these awards through the 2005 Restricted Stock Plan. The following table summarizes non-vested share awards as of March 31, 2020, as well as activity for the nine months then ended:
Share awardsSharesWeighted
Average
Grant Date
Fair Value
Outstanding July 1, 20196  $87.27  
Granted—  —  
Vested(6) 87.27  
Forfeited—  —  
Outstanding March 31, 2020—  $—  
At March 31, 2020, there was no compensation expense yet to be recognized related to non-vested restricted stock share awards.
The following table summarizes non-vested restricted stock unit awards as of March 31, 2020, as well as activity for the nine months then ended:
Unit awardsUnitsWeighted
Average
Grant Date
Fair Value		Aggregate Intrinsic Value
Outstanding July 1, 2019298  $107.00  
Granted126  155.98  
Vested(62) 94.22  
Forfeited(60) 84.73  
Outstanding March 31, 2020302  $134.53  $46,933  
The 126 unit awards granted in fiscal 2020 had service requirements and performance targets, with 86 only having service requirements. Those 86 were valued at the weighted-average fair value of the non-vested units based on the fair market value of the Company’s equity shares on the grant date, less the present value of expected future dividends to be declared during the vesting period, consistent with the methodology for calculating compensation expense on such awards. The remaining 40 unit awards granted in fiscal 2020 had performance targets along with service requirements, 38 of which were valued using a Monte Carlo pricing model as of the measurement date customized to the specific provisions of the Company’s plan design to value the unit awards as of the grant date. The remaining unit awards granted in fiscal 2020 had other performance targets. Per the Company's award vesting and settlement provisions, approximately half of the awards that utilize a Monte Carlo pricing model were valued at grant on the basis of Total Shareholder Return in comparison to the compensation peer group made up of participants approved by the Compensation Committee of the Company's Board of Directors for fiscal year 2020, and the other half of the awards utilizing a Monte Carlo pricing model were valued at grant on the basis of Total Shareholder Return in comparison to the Standard & Poor's 1500 Information Technology Index (S&P 1500 IT Index) participants. The weighted average assumptions used in the model to estimate fair value at the measurement date and resulting values for these performance unit awards are as follows.
Compensation Peer GroupS&P 1500 IT Index
Volatility16.7 %16.7 %
Risk free interest rate1.68 %1.68 %
Dividend yield1.1 %1.1 %
Stock Beta0.713  0.538  
At March 31, 2020, there was $22,058 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 1.40 years.