Quarterly report pursuant to Section 13 or 15(d)

Equity Plans

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Equity Plans
6 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Equity Plans

Note (8) – Equity Plans:

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.

During the six and three months ended December 31, 2019, restricted stock awards and restricted stock units of a total of 12,110 shares and 6,500 shares, respectively, were granted under the Plan. During the six and three months ended December 31, 2018, restricted stock awards and restricted stock units of a total of 15,000 shares and 6,845 shares, respectively, were granted under the Plan. Non-cash share-based compensation expense under all plans totaled $915,000 and $838,000 for the six months ended December 31, 2019 and 2018, respectively, and totaled $462,000 and $424,000 for the three months ended December 31, 2019 and 2018, respectively.

As of December 31, 2019, the Company had $13.5 million and $1.2 million 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 17.3 years and 14.8 years, respectively.

The following is a summary of non-vested restricted stock activity as of and for the six months ended December 31, 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     6,500       34.50       12,110       27.64  
Vested     (29,880 )     16.59              
Forfeited                        
Non-vested awards or units outstanding at December 31, 2019     832,474     $ 18.81       39,610     $ 33.61  

Employee Stock Purchase Plan

The Company’s employee stock purchase plan provides for six-month offering periods ending on December 31 and June 30 of each year. During the six and three months ended December 31, 2019, 1,022 shares of common stock were issued under the Company’s employee stock purchase plan for which the Company received net proceeds of $26,000. During the six and three months ended December 31, 2018, 726 shares of common stock were issued under the Company’s employee stock purchase plan for which the Company received net proceeds of $23,000.