Equity Incentive Plan

3 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

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, directors emeritus, 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, in the case of restricted stock awards, may be repurchased shares.

The table below presents share-based compensation expense and the estimated related tax benefit for stock options and restricted stock for the three months ended September 30, 2020 and 2019, respectively:


	Three Months Ended September 30,
		2020		2019
Share-based compensation expense		$	506	$	443
Tax benefit		$	119	$	104

The table below presents stock option activity for the three months ended September 30, 2020 and 2019:


	Options	Weighted- average exercise price		Remaining contractual life (years)	Aggregate Intrinsic Value
Options outstanding at June 30, 2019	1,657,214	$	17.59	5.0	$	12,909
Granted	25,000	25.37		—	—

Exercised	13,400	14.50		—	—
Forfeited	800	17.35		—	—

Options outstanding at September 30, 2019	1,668,014	$	17.73	4.9	$	13,969
Exercisable at September 30, 2019	1,266,214	$	15.40	3.8	$	13,509
Non-vested at September 30, 2019	401,800	$	25.07	8.1	$	460

Options outstanding at June 30, 2020	1,615,500	$	18.12	4.4	$	1,711



Forfeited	200	24.95		—	—

Options outstanding at September 30, 2020	1,615,300	$	18.12	4.1	$	—
Exercisable at September 30, 2020	1,303,000	$	16.31	3.3	$	—
Non-vested at September 30, 2020	312,300	$	25.68	7.6	$	—

There were no options granted during the three months ended September 30, 2020. Assumptions used in estimating the fair value of options granted during the three months ended September 30, 2019 are presented below:


	September 30,
	2019
Weighted-average volatility	17.84		%
Expected dividend yield	0.95		%
Risk-free interest rate	1.55		%
Expected life (years)	6.5
Weighted-average fair value of options granted	$	4.67

At September 30, 2020, the Company had $1,535 of unrecognized compensation expense related to 312,300 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 expected to be recognized was 1.5 years at September 30, 2020. At September 30, 2019, the Company had $2,052 of unrecognized compensation expense related to 401,800 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 expected to be recognized was 1.7 years at September 30, 2019.

The table below presents restricted stock award activity for the three months ended September 30, 2020 and 2019:


	Restricted stock awards	Weighted- average grant date fair value		Aggregate Intrinsic Value
Non-vested at June 30, 2019	123,800	$	24.65	$	2,258
Granted	13,000	25.37		—
Vested	400	19.02		—
Forfeited	3,200	20.62		—
Non-vested at September 30, 2019	133,200	$	24.83	$	2,256

Non-vested at June 30, 2020	144,046	$	25.89	$	2,305

Vested	2,600	25.37		—
Forfeited	200	24.95		—
Non-vested at September 30, 2020	141,246	$	25.90	$	1,918

The table above includes nonvested performance-based restrictive stock units totaling 16,440 and 10,375 at September 30, 2020 and 2019, respectively. Each issuance of these stock units are scheduled to vest over 3.0 years assuming certain performance metrics are met.

At September 30, 2020, unrecognized compensation expense was $2,715 related to 141,246 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 1.6 years at September 30, 2020. At September 30, 2019, unrecognized compensation expense was $2,579 related to 133,200 shares of restricted stock originally scheduled to vest over three-, 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 1.7 years at September 30, 2019.