Annual report pursuant to Section 13 and 15(d)

Equity Plan

v3.19.2
Equity Plan
12 Months Ended
Jun. 30, 2019
Share-based Payment Arrangement [Abstract]  
Equity Plan
19. Equity Plan

In November 2015, the Company’s stockholders approved the Company’s 2015 Equity Incentive Plan (the “Plan”). The Plan authorizes the issuance of up to 1,500,000 shares of the Company’s common stock pursuant to awards granted under the Plan. The fair value of awards granted under the Plan is expensed on a straight-line basis over the vesting period of the awards. Share-based compensation expense, which totaled $1.7 million and $1.6 million in fiscal 2019 and 2018, respectively, is included in selling, general and administrative expenses in the Company’s consolidated statements of operations. During fiscal 2019, the Company granted a total of 34,345 shares of restricted stock, a portion of which is scheduled to vest ratably over four years and the remainder of which is scheduled to vest in 5 to 31 years. The total grant date fair value of such restricted stock was $1.2 million. During fiscal 2018, the Company granted a total of 66,226 shares of restricted stock, a portion of which is scheduled to vest ratably over four years and the remainder of which is scheduled to vest in 10 to 29 years. The total grant date fair value of such restricted stock was $2.5 million. In each case, the fair value of the restricted stock was determined using the closing price of the Company’s common stock on the applicable grant date. During fiscal 2019, 54,093 shares of restricted stock vested and 20,248 shares of common stock with an aggregate fair market value of $728,000 were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of such restricted stock. During fiscal 2018, 53,700 shares of restricted stock vested and 20,918 shares of common stock with an aggregate fair market value of $707,000 were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of such restricted stock. As of June 30, 2019, the Company had $15.1 million of total unrecognized compensation expense, net of estimated forfeitures, related to non-vested restricted stock, which is recognized over the weighted-average period of 17.3 years after the respective dates of grant.

The following is a summary of non-vested restricted stock activity as of, and for the fiscal year ended, June 30, 2019:

    Restricted Stock Awards   Restricted Stock Units
    Shares   Weighted-
Average Grant
Date Fair Value
  Shares   Weighted-
Average Grant
Date Fair Value
Non-vested restricted stock outstanding at June 30, 2018     903,102     $ 18.41           $  
Granted     6,845       36.53       27,500       36.24  
Vested     (54,093 )     17.43              
Forfeited                        
Non-vested restricted stock outstanding at June 30, 2019     855,854     $ 18.62       27,500     $ 36.24  

 

 

Employee Stock Purchase Plan  

The Company’s employee stock purchase plan commenced on July 1, 2018 and provides for consecutive six-month offering periods. During fiscal 2019, 1,341 shares of common stock were issued under the Company’s employee stock purchase plan for which the Company received net proceeds of $45,000. There were no shares issued under the Company’s employee stock purchase plan during fiscal 2018.