Employee Stock Purchase Plan

12 Months Ended

Jun. 30, 2017

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

Employee Stock Purchase Plan

6.    Employee Stock Purchase Plan

The Company maintains an employee stock purchase plan (“ESPP”) that was approved by the Company’s stockholders in November 2015 (“2015 ESPP”) and replaced the previous ESPP that expired on May 31, 2016. 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 176,920 shares at an average price of $18.39 per share during the year ended June 30, 2017. Shares reserved under the plan at June 30, 2017 totaled 1,844,370.