Quarterly report pursuant to Section 13 or 15(d)

Equity Plans

v3.22.2.2
Equity Plans
3 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Equity Plans

Note (9) – 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

14


Index

EVI Industries, Inc. and Subsidiaries

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2022

(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, 2022, restricted stock awards of a total of 222,672 shares and 93,789 restricted stock units were granted under the Plan. During the three months ended September 30, 2021, 10,303 restricted stock units were granted under the Plan. No restricted stock awards were granted under the Plan during the three months ended September 30, 2021. There were no restricted stock awards forfeited during either the three months ended September 30, 2022 or 2021. There were 376 and 8,327 restricted stock units forfeited during the three months ended September 30, 2022 and 2021, respectively.

For the three months ended September 30, 2022, non-cash share-based compensation expense related to awards granted under the Plan totaled $680,000. For the three months ended September 30, 2021, non-cash share-based compensation expense related to awards granted under the Plan totaled $479,000.

As of September 30, 2022, the Company had $21.4 million and $10.7 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 15.4 years and 10.7 years, respectively.

The following is a summary of non-vested restricted stock activity as of and for the three months ended September 30, 2022:

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, 2022

1,026,183

$

21.65

416,465

$

26.75

 

Granted

222,672

16.30

93,789

14.73

 

Vested

-

-

-

-

 

Forfeited

-

-

(376

)

10.63

 

Non-vested awards or units outstanding at September 30, 2022

1,248,855

$

20.69

509,878

$

24.55

 

Employee Stock Purchase Plan

During 2017, the Company’s stockholders approved the Company’s 2017 Employee Stock Purchase Plan, which, subject to the terms of the plan, allows eligible employees the opportunity to purchase shares of the Company’s common stock at a 5% discount. 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, 2022 or 2021.