Quarterly report pursuant to Section 13 or 15(d)

Equity Plans

v3.20.1
Equity Plans
9 Months Ended
Mar. 31, 2020
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 nine months ended March 31, 2020, restricted stock awards, restricted stock units and stock awards of a total of 187,169 shares, 28,110 shares and 13,550 shares, respectively, were granted under the Plan. During the three months ended March 31, 2020, restricted stock awards, restricted stock units and stock awards of a total of 180,669 shares, 16,000 shares and 13,550 shares, respectively, were granted under the Plan. During the nine months ended March 31, 2019, restricted stock awards and restricted stock units of a total of 6,845 shares and 27,500 shares, respectively, were granted under the Plan. During the three months ended March 31, 2019, restricted stock units of 12,500 shares were granted under the Plan. No restricted stock awards or stock awards were granted under the Plan during the three months ended March 31, 2019, and no stock awards were granted under the Plan during the nine months ended March 31, 2019. Stock awards represent shares of the Company’s common stock issued under the Plan which are held by the recipient upon grant without any future risk of forfeiture. Non-cash share-based compensation expense under the Plan totaled $1.7 million and $1.3 million for the nine months ended March 31, 2020 and 2019, respectively, and $809,000 and $449,000 for the three months ended March 31, 2020 and 2019, respectively.

As of March 31, 2020, the Company had $17.0 million and $1.5 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 17.1 years and 16.7 years, respectively.

The following is a summary of non-vested restricted stock activity as of and for the nine months ended March 31, 2020:

    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     187,169       22.57       28,110       24.51  
Vested     (29,880 )     16.59              
Forfeited                        
Non-vested awards or units outstanding at March 31, 2020     1,013,143     $ 19.41       55,610     $ 30.31  

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 nine months ended March 31, 2020, 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 three months ended March 31, 2020, no shares were issued under the Company’s employee stock purchase plan. During the nine months ended March 31, 2019, 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. During the three months ended March 31, 2019, no shares were issued under the Company’s employee stock purchase plan.