Quarterly report pursuant to Section 13 or 15(d)

Equity Incentive Plan

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Equity Incentive Plan
3 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Equity Incentive Plan

Note (8) – Equity Incentive 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 straight-line basis over the vesting period of the awards. Share-based compensation expense is included in selling, general and administrative expenses in the Company’s condensed consolidated statements of operations.

There were no awards granted under the Plan during the three months ended September 30, 2019 or 2018.

As of September 30, 2019, the Company had $13.7 million and $927,000 of total unrecognized compensation expense related to restricted stock awards and restricted stock units, respectively, granted under the Plan, which is expected to be recognized over the weighted-average period of 16.9 years and 17.3 years, respectively.

The following is a summary of non-vested restricted stock activity as of and for the three months ended September 30, 2019:

    Restricted Stock Awards   Restricted Stock Units
    Shares   Weighted-
Average Grant
Date Fair Value
  Shares   Weighted-
Average
Grant Date
Fair Value
Non-vested awards or units outstanding at June 30, 2019     855,854     $ 18.62       27,500     $ 36.24  
Granted                        
Vested                        
Forfeited                        
Non-vested awards or units outstanding at September 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 six-month offering periods, the first of which expired on December 31, 2018. There were no shares issued under the Company’s employee stock purchase plan during the three months ended September 30, 2019 or 2018.