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Equity Incentive Plan
 9 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Equity Incentive Plan 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, 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 plan would be issued out of authorized but unissued shares, some or all of which may be repurchased shares. The Company repurchased a number of shares on the open market sufficient to cover awards of restricted stock and restricted stock units available to be granted under the 2013 Omnibus Incentive Plan, for $13,297, at an average cost of $15.71 per share during the year ended June 30, 2013.
The table below presents share-based compensation expense and the estimated related tax benefit for stock options and restricted stock for the three and nine months ended March 31, 2022 and 2021, respectively:
Three Months Ended March 31,Nine Months Ended March 31,
2022202120222021
Share-based compensation expense$507 $489 $1,407 $1,449 
Tax benefit120 115 332 341 
The table below presents stock option activity and related information for the nine months ended March 31, 2022 and 2021:
OptionsWeighted-
Average
Exercise
Price		Remaining
Contractual
Life
(Years)		Aggregate
Intrinsic
Value
Options outstanding at June 30, 20201,615,500 $18.12 4.4$1,711 
Granted44,750 22.92 — — 
Exercised(172,866)14.40 — — 
Forfeited(26,900)25.77 — — 
Options outstanding at March 31, 20211,460,484 $18.57 3.9$9,268 
Exercisable at March 31, 20211,220,734 $17.24 3.2$9,152 
Non-vested at March 31, 2021239,750 $25.31 7.7$116 
Options outstanding at June 30, 20211,319,456 $19.07 3.9$11,657 
Granted42,850 31.35 — — 
Exercised(413,636)14.70 — — 
Forfeited(20,800)23.17 — — 
Options outstanding at March 31, 2022927,870 $21.49 4.3$7,541 
Exercisable at March 31, 2022756,720 $20.24 3.5$7,028 
Non-vested at March 31, 2022171,150 $26.99 7.7$513 
Assumptions used in estimating the fair value of options granted during the nine months ended March 31, 2022 and 2021 are presented below:
March 31, 2022
March 31, 2021
Weighted-average volatility28.02 %28.30 %
Expected dividend yield1.12 %1.35 %
Risk-free interest rate1.90 %0.72 %
Expected life (years)6.56.5
Weighted-average fair value of options granted$8.68 $5.61 
At March 31, 2022, the Company had $1,076 of unrecognized compensation expense related to 171,150 stock options originally scheduled to vest over a five-year period. The weighted average period over which compensation cost related to non-vested awards expected to be recognized was 1.8 years at March 31, 2022. At March 31, 2021, the Company had $1,460 of unrecognized compensation expense related to 239,750 stock options originally scheduled to vest over a five-year period. The weighted average period over which compensation cost related to non-vested awards expected to be recognized was 2.0 years at March 31, 2021.
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, 2020144,046 $25.89 $2,305 
Granted56,547 22.92 — 
Vested(45,296)25.17 — 
Forfeited(7,650)25.65 — 
Non-vested at March 31, 2021147,647 $24.98 $2,119 
Non-vested at June 30, 2021151,575 $25.06 $4,229 
Granted49,679 31.35 — 
Vested(53,744)25.22 — 
Forfeited(12,000)24.90 — 
Non-vested at March 31, 2022135,510 $27.41 $2,817 
The table above includes non-vested performance-based restricted stock units totaling 33,218 and 28,852 at March 31, 2022 and 2021, respectively. Each issuance of these stock units is scheduled to vest over 3.0 years assuming the applicable dilutive EPS goals are met.
At March 31, 2022, unrecognized compensation expense was $3,137 related to 135,510 shares of restricted stock originally scheduled to vest over three- and five-year periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.9 years at March 31, 2022. At March 31, 2021, unrecognized compensation expense was $3,196 related to 147,647 shares of restricted stock originally scheduled to vest over three- and five-year periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.9 years at March 31, 2021.