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Stock Based Compensation (Text Block)
 3 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Share-based Payment Arrangement [Text Block] STOCK-BASED COMPENSATION
Our operating income for the three months ended September 30, 2020 and 2019 included $4,625 and $2,853 of stock-based compensation costs, 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.
A summary of option plan activity under this plan is as follows:
 Number of SharesWeighted Average Exercise PriceAggregate
Intrinsic
Value
Outstanding July 1, 202022 $87.27  
Granted— —  
Forfeited— —  
Exercised— —  
Outstanding September 30, 202022 $87.27 $1,633 
Vested and Expected to Vest September 30, 202022 $87.27 $1,633 
Exercisable September 30, 202022 $87.27 $1,633 
At September 30, 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 September 30, 2020 was 5.75 years.
Restricted Stock Unit Awards
The Company issues unit awards under the 2015 EIP. The following table summarizes non-vested restricted stock unit awards as of September 30, 2020:
Unit awardsUnitsWeighted
Average
Grant Date
Fair Value		Aggregate Intrinsic Value
Outstanding July 1, 2020307 $136.41 
Granted63 190.03 
Vested(73)90.52 
Forfeited— — 
Outstanding September 30, 2020297 $158.95 $48,251 
The 63 unit awards granted in fiscal 2021 had service requirements and performance targets, with 28 only having service requirements. Those 28 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 35 unit awards granted in fiscal 2021 had performance targets along with service requirements, all 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. 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 (TSR) 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 2021, 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 Monte Carlo inputs 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
Volatility25.17 %25.17 %
Risk free interest rate0.11 %0.11 %
Annual dividend based on most recent quarterly dividend1.72 1.72 
Beginning TSR37 %30 %
At September 30, 2020, there was $26,847 of compensation expense, excluding forfeitures, that has yet to be recognized related to non-vested restricted stock unit awards, which will be recognized over a weighted average period of 1.60 years.