XML 39 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-based Options Fair Value Valuation Assumptions
The fair value of stock option awards was estimated using the Black-Scholes option-pricing model with the following assumptions and weighted-average fair value as follows:
 
June 30, 2018
Weighted-average grant date fair value
$
2.25

Risk-free interest rate
2.3
%
Expected volatility
59.0
%
Expected life (years)
4.7
Summary of Stock Option Activity
The following is a summary of stock option activity for the fiscal years ended June 30, 2018, 2017 and 2016:
 
Options (in thousands)
 
Weighted
Average
Exercise Price
 
Weighted
Average Remaining
Contractual Term (in years)
 
Aggregate Intrinsic Value (in thousands)
Outstanding at June 30, 2015
462

 
$
7.87

 

 


 
 
 
 
 
 
 
 
Granted
—

 
$
—

 

 


Exercised
(46
)
 
5.66

 

 
$
209

Forfeited
(33
)
 
17.85

 

 
 
Expired or Canceled
—

 
—

 

 
 
Outstanding at June 30, 2016
383

 
7.28

 

 


 
 
 
 
 
 
 
 
Granted
—

 
$
—

 

 


Exercised
(4
)
 
4.14

 

 
$
17

Forfeited
(62
)
 
12.64

 

 
 
Expired or Canceled
(7
)
 
2.45

 

 
 
Outstanding at June 30, 2017
310

 
6.35

 

 


 
 
 
 
 
 
 
 
Granted
461

 
$
4.44

 

 


Exercised
(21
)
 
2.96

 

 
$
33

Forfeited
(20
)
 
16.26

 

 
 
Expired or Canceled
—

 
—

 
 
 
 
Outstanding at June 30, 2018
730

 
4.96

 
6.69
 
$
1,310

Exercisable at June 30, 2018
268

 
$
5.86

 
1.70
 
$
420
Schedule of Nonvested Restricted Shares
The following is a summary of restricted shares granted during the fiscal years ended June 30, 2018, 2017 and 2016:
Nonvested Shares
 
Shares
(in thousands)
 
Weighted Average Grant Date Fair Value
Nonvested at June 30, 2015
 
250

 
$
9.36

 
 
 
 
 
Granted
 
60

 
$
5.94

Vested
 
(40
)
 
15.64

Forfeited
 
(39
)
 
16.21

Nonvested at June 30, 2016
 
231

 
6.24

Vested at June 30, 2016
 
—

 
—

 
 
 
 
 
Granted
 
156

 
$
5.81

Vested
 
(88
)
 
8.31

Forfeited
 
(22
)
 
10.70

Nonvested at June 30, 2017
 
277

 
4.98

Vested at June 30, 2017
 
—

 
—

 
 
 
 
 
Granted
 
190

 
$
4.57

Vested
 
(355
)
 
4.62

Forfeited
 
(3
)
 
5.22

Nonvested at June 30, 2018
 
109

 
5.43

Vested at June 30, 2018
 
—

 
$
—
Share-based Awards Other Than Options Fair Value Valuation Assumptions
The fair value of phantom unit awards was estimated using the Black-Scholes option-pricing model with the following assumptions and weighted-average fair value as follows:
 
June 30, 2018
Weighted-average grant date fair value
$
0.40

Risk-free interest rate
2.1% - 2.3%

Expected volatility
56.2% - 57.0%

Expected life (years)
0.5 - 0.8

The fair values of performance restricted stock units granted during the fiscal years ended June 30, 2017 and 2016 were estimated using a Monte Carlo simulation model which included the following assumptions in order to reflect the performance conditions that must be satisfied for the share units to vest:
 
June 30, 2017
 
June 30, 2016
Risk-free interest rate
1.5
%
 
1.3
%
Dividend yield
—
%
 
—
%
Expected volatility - Company
62.0
%
 
55.5
%
Expected volatility - peer company
17.1
%
 
15.7
%
Total measurement period (years)
2.8

 
3.0
Summary of Nonvested Restricted Stock Units
The following is a summary of performance restricted stock units granted during the fiscal years ended June 30, 2018, 2017 and 2016:
 
 
Number of Units (in thousands)
 
Weighted Average Grant Date Fair Value
Nonvested at June 30, 2015
 
115

 
$
10.76

 
 
 
 
 
Granted
 
848

 
$
12.30

Vested
 
(15
)
 
10.76

Forfeited
 
(485
)
 
11.25

Nonvested at June 30, 2016
 
463

 
13.07

 
 
 
 
 
Granted
 
420

 
$
4.69

Vested
 
(10
)
 
10.76

Forfeited
 
(111
)
 
12.86

Nonvested at June 30, 2017
 
762

 
8.51

 
 
 
 
 
Granted
 
—

 
$
—

Vested
 
—

 
—

Forfeited
 
(132
)
 
7.02

Nonvested at June 30, 2018
 
630

 
8.82

Vested at June 30, 2018
 
—

 
$
—
Schedule of Performance Share Units Activity
The following is a summary of cash-settled performance units granted during the fiscal years ended June 30, 2018, 2017 and 2016:
 
 
Number of Units (in thousands)
 
Weighted Average Grant Date Fair Value
Outstanding at June 30, 2015, nonvested
 
—

 
 
 
 
 
 
 
Granted
 
77

 
$
8.47

Vested
 
(13
)
 
—

Forfeited
 
(13
)
 
$
8.30

Outstanding at June 30, 2016, nonvested
 
51

 
 
 
 
 
 
 
Granted
 
95

 
$
13.17

Vested
 
(25
)
 
—

Forfeited
 
(89
)
 
$
12.43

Outstanding at June 30, 2017, nonvested
 
32

 
 
 
 
 
 
 
Granted
 
87

 
$
4.65

Vested
 
(32
)
 
—

Forfeited
 
(29
)
 
$
6.48

Outstanding at June 30, 2018, nonvested
 
58

 
 
Summary of Cash-Settled Phantom Units
The following is a summary of cash-settled phantom units granted during the fiscal year ended June 30, 2018:
 
 
Number of Units (in thousands)
 
Weighted Average Remaining Contractual Term (in years)
 
Aggregate Intrinsic Value (in thousands)
Outstanding at June 30, 2017, nonvested
 
—

 
 
 
 
 
 
 
 
 
 
 
Granted
 
170

 
 
 
 
Vested
 
—

 
 
 
 
Forfeited
 
—

 
 
 
 
Outstanding at June 30, 2018, nonvested
 
170

 
0.50
 
$
273
Summary of the Warrants Granted
The following is a summary of the warrant activity for the fiscal years ended June 30, 2018, 2017 and 2016 (in thousands):
 
Common
Stock
Warrants
Outstanding and exercisable, June 30, 2015
87

 
 
Issued
—

Canceled
—

Exercised
(7
)
Expired
—

Outstanding and exercisable, June 30, 2016
80

 
 
Issued
—

Canceled
—

Exercised
(80
)
Expired
—

Outstanding and exercisable, June 30, 2017
—

 
 
Issued
—

Canceled
—

Exercised
—

Expired
—

Outstanding and exercisable, June 30, 2018
—