Equity Incentive Plan

The Company provides stock-based awards through the 2013 Omnibus Incentive Plan which provides for awards of restricted stock, restricted stock units, stock options, stock appreciation rights, and cash awards to directors, emeritus directors, officers, employees, and advisory directors. The cost of equity-based awards under the 2013 Omnibus Incentive Plan generally is based on the fair value of the awards on their grant date. The maximum number of shares that may be utilized for awards under the plan is 2,962,400, including 2,116,000 for stock options and stock appreciation rights and 846,400 for awards of restricted stock and restricted stock units.

Shares of common stock issued under the 2013 Omnibus Incentive Plan may be authorized but unissued shares or may be repurchased shares. As of June 30, 2013, the Company had repurchased all 846,400 shares on the open market for issuance under the 2013 Omnibus Incentive Plan, for $13,297, at an average cost of $15.71 per share.

Share based compensation expense related to stock options and restricted stock recognized for the fiscal year ended June 30, 2020, 2019, and 2018 was $1,822, $1,601, and $3,027, respectively, before the related tax benefit of $428, $376, and $908, respectively.

The table below presents stock option activity and related information:



	Options	Weighted- average exercise price		Remaining contractual life (years)	Aggregate Intrinsic Value
Options outstanding at June 30, 2017	1,470,043	15.22		5.8	$	13,533
Granted	360,400	26.01		—	—
Exercised	44,200	14.72		—	—
Forfeited	24,700	14.43		—	—
Expired	43,273	23.82		—	—
Options outstanding at June 30, 2018	1,718,270	$	17.29	5.9	$	18,664
Exercisable at June 30, 2018	1,223,470	$	14.51
Granted	40,500	27.51		—	—
Exercised	80,311	14.62		—	—
Forfeited	20,300	23.30		—	—
Expired	945	23.82		—	—
Options outstanding at June 30, 2019	1,657,214	$	17.59	5.0	$	12,909
Exercisable at June 30, 2019	1,279,614	$	15.39
Granted	66,000	25.46		—	—
Exercised	106,914	14.41		—	—
Forfeited	800	17.35		—	—
Options outstanding at June 30, 2020	1,615,500	$	18.12	4.4	$	1,711
Exercisable at June 30, 2020	1,298,000	$	16.27	3.5	$	1,701
Non-vested at June 30, 2020	317,500	$	25.67	7.9	$	105

The fair value of each option is estimated on the date of grant using the Black-Scholes-Merton option pricing model. Assumptions used for grants were as follows:



Assumptions in Estimating Option Values
	2020			2019
Weighted-average volatility	25.60		%	17.84		%
Expected dividend yield ⁽¹⁾	1.05		%	0.87		%
Risk-free interest rate	1.43		%	2.52		%
Expected life (years)	6.5			6.5
Weighted-average fair value of options granted	$	5.88		$	6.62

(1) The Company began paying a cash dividend during the second quarter of fiscal 2019.

At June 30, 2020, the Company had $1,701 of unrecognized compensation expense related to 317,500 stock options originally scheduled to vest over a five-year vesting period. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.8 years at June 30, 2020. At June 30, 2019, the Company had $2,133 of unrecognized compensation expense related to 377,600 stock options originally scheduled to vest over five- and seven-year vesting periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.9 years at June 30, 2019. All unexercised options expire ten years after the grant date.

The table below presents restricted stock award activity and related information:



	Restricted stock awards	Weighted- average grant date fair value		Aggregate Intrinsic Value
Non-vested at June 30, 2017	185,630	$	17.46	$	3,419
Granted	55,200	25.89		—
Vested	100,820	15.14		—
Forfeited	6,600	14.37		—
Non-vested at June 30, 2018	133,410	$	22.85	$	3,755
Granted	34,000	27.51		—
Vested	39,310	21.64		—
Forfeited	4,300	19.08		—
Non-vested at June 30, 2019	123,800	$	24.65	$	2,258
Granted	67,556	26.39		—
Vested	38,925	23.02		—
Forfeited	8,385	24.88		—
Non-vested at June 30, 2020	144,046	$	25.89	$	2,305

The table above includes performance-based restrictive stock units totaling 11,250 and 5,190 which were granted during the years ended June 30, 2020 and 2019, respectively. These stock units are scheduled to vest over 3.0 years assuming certain performance metrics are met.

At June 30, 2020, unrecognized compensation expense was $3,048 related to 144,046 shares of restricted stock originally scheduled to vest over three- and five-year vesting periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.8 years at June 30, 2020. At June 30, 2019, unrecognized compensation expense was $2,547 related to 123,800 shares of restricted stock originally scheduled to vest over five- and seven-year vesting periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.9 years at June 30, 2019.