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Stock-Based Compensation (Tables)
12 Months Ended
Jun. 30, 2015
Stock-Based Compensation [Abstract]  
Stock Option Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Year 2015

 

Fiscal Year 2014

 

 

 

 

Weighted

 

Aggregate

 

 

 

Weighted

 

Aggregate

 

 

 

 

Average

 

Intrinsic

 

 

 

Average

 

Intrinsic

 

 

 

 

Exercise

 

Value (1)

 

 

 

Exercise

 

Value (1)

Shares subject to option

 

Shares

 

Price

 

($000)

 

Shares

 

Price

 

($000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at beginning of period

 

765,486 

 

$

8.09 

 

 

 

 

1,122,675 

 

$

7.07 

 

 

 

New Grants (based on fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

of common stock at dates of grant)

 

114,000 

 

$

10.01 

 

 

 

 

214,000 

 

$

10.80 

 

 

 

Exercised

 

(135,635)

 

$

6.29 

 

 

 

 

(497,446)

 

$

7.16 

 

 

 

Expired

 

(21,260)

 

$

11.48 

 

 

 

 

(18,743)

 

$

9.14 

 

 

 

Forfeited

 

(63,950)

 

$

9.70 

 

 

 

 

(55,000)

 

$

5.89 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at end of period

 

658,641 

 

$

8.53 

 

$

1,438 

 

765,486 

 

$

8.09 

 

$

3,614 

Exercisable at end of period

 

356,966 

 

$

7.94 

 

$

1,015 

 

407,236 

 

$

7.47 

 

$

2,148 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Year 2013

 

 

 

 

 

 

Weighted

 

Aggregate

 

 

 

 

 

 

 

 

 

 

Average

 

Intrinsic

 

 

 

 

 

 

 

 

 

 

Exercise

 

Value (1)

 

 

 

 

 

 

Shares subject to option

 

Shares

 

Price

 

($000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at beginning of period

 

1,162,996 

 

$

6.81 

 

 

 

 

 

 

 

 

 

 

 

New Grants (based on fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

of common stock at dates of grant)

 

164,000 

 

$

5.76 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

(171,066)

 

$

3.79 

 

 

 

 

 

 

 

 

 

 

 

Expired

 

(30,705)

 

$

8.79 

 

 

 

 

 

 

 

 

 

 

 

Forfeited

 

(2,550)

 

$

2.93 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at end of period

 

1,122,675 

 

$

7.07 

 

$

1,502 

 

 

 

 

 

 

 

 

Exercisable at end of period

 

846,175 

 

$

7.47 

 

$

940 

 

 

 

 

 

 

 

 

 

(1) The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option.  The total intrinsic value of stock options exercised during the fiscal years ended June 30, 2015, 2014 and 2013, were $641,000, $2,034,000 and $466,000, respectively.  The total fair value of shares vested during the fiscal years ended June 30, 2015, 2014 and 2013, were $295,000, $182,000 and $148,000, respectively.

Valuation Assumptions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

2013

Weighted average estimated fair value per

 

 

 

 

 

 

 

 

share of options granted during the period

$

4.04 

 

$

3.18 

 

$

2.27 

Assumptions:

 

 

 

 

 

 

 

 

Dividend yield

 

 -

 

 

2.10 

 

 

 -

Common stock price volatility

 

46.85% 

 

 

38.88% 

 

 

44.86% 

Risk free rate of return

 

1.62% 

 

 

1.53% 

 

 

0.62% 

Expected option term (in years)

 

 

 

 

 

 

Shares Authorized under Stock Option Plans, by Exercise Price Range

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Outstanding

 

Options Exercisable

 

 

 

 

 

 

 

 

 

 

Weighted

 

Weighted

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

Average

 

Average

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

Remaining

 

Exercise

 

 

 

Exercise

Range of Exercise Prices

 

Shares

 

Contractual Life

 

Price

 

Shares

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2.80 

 

to

 

$

5.70 

 

88,400 

 

5.59 

 

$

4.59 

 

58,900 

 

$

4.03 

 

5.83 

 

to

 

 

8.81 

 

237,091 

 

3.80 

 

$

7.31 

 

200,341 

 

$

7.54 

 

8.94 

 

to

 

 

14.01 

 

326,900 

 

7.77 

 

$

10.38 

 

91,475 

 

$

10.89 

 

14.33 

 

to

 

 

14.33 

 

6,250 

 

0.11 

 

$

14.33 

 

6,250 

 

$

14.33 

$

2.80 

 

to

 

$

14.33 

 

658,641 

 

5.97 

 

$

8.53 

 

356,966 

 

$

7.94 

 

Summary of Restricted Shares Issued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

Nonvested

 

Grant Date

 

Shares

 

Fair Value

Nonvested at June 30, 2014

 

17,950 

 

$

5.39 

Granted

 

81,114 

 

 

10.74 

Vested

 

(20,950)

 

 

6.51 

Forfeited or expired

 

(16,100)

 

 

10.07 

Nonvested at June 30, 2015

 

62,014 

 

$

10.80