Quarterly report pursuant to Section 13 or 15(d)

Equity Plans

v3.21.2
Equity Plans
3 Months Ended
Sep. 30, 2021
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”). During December 2020, the Company’s stockholders approved an amendment to the Plan to

15


Index

EVI Industries, Inc. and Subsidiaries

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2021

(Unaudited)

increase the number of shares of the Company’s common stock authorized for issuance pursuant to awards granted under the Plan to 3,000,000 shares. 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 is included in selling, general and administrative expenses in the Company’s condensed consolidated statements of operations.

During the three months ended September 30, 2021, restricted stock awards of a total of 10,303 shares were granted under the Plan. During the three months ended September 30, 2021, no restricted stock units were granted under the Plan. During the three months ended September 30, 2021, restricted stock units of a total of 8,327 shares were forfeited and returned to the Plan. There were no restricted stock awards forfeited during the three months ended September 30, 2021. There were no restricted stock awards or units granted of forfeited under the Plan during the three months ended September 30, 2020.

For the three months ended September 30, 2021 and 2020, non-cash share-based compensation expense related to awards (inclusive of restricted stock awards and restricted stock units) granted under the Plan totaled $479,000 and $578,000, respectively.

As of September 30, 2021, the Company had $14.8 million and $6.7 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 10.9 years, respectively.

The following is a summary of non-vested restricted stock activity as of and for the three months ended September 30, 2021:

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, 2021

919,259

$

19.59

253,913

$

30.92

 

Granted

10,303

24.75

-

-

 

Vested

-

-

-

-

 

Forfeited

-

-

(8,327

)

33.50

 

Non-vested awards or units outstanding at September 30, 2021

929,562

$

19.65

245,586

$

30.84

 

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. No shares were issued under the Company’s employee stock purchase plan during the three months ended September 30, 2021 or 2020.