Employee Stock Purchase Plan

12 Months Ended

Jun. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Employee Stock Purchase Plan

Employee Stock Purchase Plan

The Company maintains an employee stock purchase plan ("ESPP"). The plan provides eligible employees the opportunity to acquire common stock in accordance with Section 423 of the Internal Revenue Code of 1986. Stock can be purchased each 6-month period per year (twice per year). The purchase price is equal to 85% of the lower of the price at the beginning or the end of the respective period. Employees purchased 149,839 shares at an average price of $22.50 per share during the year ended June 30, 2014. Shares reserved under the plan at June 30, 2014 totaled 30,870. The ESPP allows for an annual increase in reserved shares on each July 1 equal to the lesser of (i) 1% percent of the common shares outstanding, or (ii) 180,000 shares, provided that the Board of Directors may designate a smaller amount of shares to be reserved. On July 1, 2014, 90,000 shares were added to the ESPP.