Stock-Based Compensation

The stock-based compensation expense under all equity plans and its classification in the unaudited consolidated statements of operations for the three and six months ended December 31, 2021 and 2020 are as follows:


	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
	(Dollars in Thousands)
Recorded as expenses:
Cost of maintenance	$	149	$	122	$	354	$	438
Cost of services and other	226		351		506		801
Selling and marketing	1,774		1,612		3,637		2,856
Research and development	1,734		2,449		3,732		4,171
General and administrative	3,983		4,562		9,727		7,098
Total stock-based compensation	$	7,866	$	9,096	$	17,956	$	15,364

A summary of stock option and restricted stock unit (“RSU”) activity under all equity plans for the six months ended December 31, 2021 is as follows:


	Stock Options						Restricted Stock Units
	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in 000’s)		Shares	Weighted Average Grant Date Fair Value
Outstanding at June 30, 2021	1,285,221	$	94.18	6.93	$	56,032	362,024	$	128.66
Granted	267,136	129.79					384,108	135.22
Settled (RSUs)	—						(153,114)	128.01
Exercised (Stock options)	(147,387)	91.50					—
Cancelled / Forfeited	(30,607)	129.60					(27,307)	131.46
Outstanding at December 31, 2021	1,374,363	$	100.12	7.01	$	70,363	565,711	$	133.62
Vested and exercisable at December 31, 2021	838,972	$	81.82	5.80	$	59,045
Vested and expected to vest as of December 31, 2021	1,264,504	$	98.12	6.88	$	68,385	433,247	$	133.40

As of December 31, 2021, the RSUs expected to vest include 176,541 shares of RSUs granted during second quarter of fiscal 2022 which vest over a 12 to 18 month period contingent upon the close of the Transactions and continued service. Stock-based compensation expense associated with these awards will begin recognition at the date of the Transactions close. Accordingly, there has been no stock-based compensation expense recognized during the three and six months ended December 31, 2021 for these awards.

The weighted average estimated fair value of option awards granted was $48.52 and $37.30 during the three months ended December 31, 2021 and 2020, respectively, and $40.29 and $38.11 during the six months ended December 31, 2021 and 2020, respectively.

We utilized the Black-Scholes option valuation model with the following weighted average assumptions:


	Six Months Ended December 31,
	2021		2020
Risk-free interest rate	0.7	%	0.3	%
Expected dividend yield	0.0	%	0.0	%
Expected life (in years)	4.7		4.7
Expected volatility factor	35.3	%	34.2	%

As of December 31, 2021, the total future unrecognized compensation cost related to stock options and RSUs was $14.5 million and $51.0 million, respectively, and was expected to be recorded over a weighted average period of 2.74 years and 2.94 years, respectively. Of the $51.0 million total future unrecognized compensation cost related to RSUs, $24.5 million was associated with the awards that are contingent upon the close of the Transactions.

As of December 31, 2021, common stock reserved for future issuance under equity compensation plans was 4.9 million shares.