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Stock-Based Compensation
 6 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The following table represents stock-based compensation expense and the related income tax benefits for the three months ended and six months ended December 31, 2019 and 2018:
 
Three Months Ended
 
Six Months Ended
 
December 31,
 
December 31,
 
2019
 
2018
 
2019
 
2018
Cost of revenues
$
0.6

 
$
0.3

 
$
0.9

 
$
0.6

Selling, general and administrative expenses
8.0

 
2.9

 
10.6

 
5.6

Total stock-based compensation expense
$
8.6

 
$
3.2

 
$
11.5

 
$
6.2

 
 
 
 
 
 
 
 
Income tax benefit
$
2.4

 
$
0.5

 
$
2.9

 
$
1.3


Stock-based compensation expense for the three months ended December 31, 2019 and 2018 consisted of $6.7 million and $2.9 million of expense related to equity classified awards and $1.9 million and $0.3 million of expense related to liability classified awards, respectively. Stock-based compensation expense for the six months ended December 31, 2019 and 2018 consisted of $10.4 million and $6.4 million of expense related to equity classified awards and $1.1 million of expense and $0.2 million of income related to liability classified awards, respectively. Total stock based compensation expense during the three and six months ended December 31, 2019 was impacted by changes in fair value of liability classified awards due to Company's stock price fluctuations and $3.9 million benefit for awards that were forfeited related to an officer's transition during prior year.
As of December 31, 2019, the total unrecognized compensation cost related to non-vested stock options, restricted stock units, and restricted stock awards was $5.2 million, $54.2 million, and $0.2 million, respectively, which will be amortized over the weighted-average remaining requisite service periods of 2.5 years, 2.0 years, and 0.7 years, respectively.
The activity related to the Company's incentive equity awards from June 30, 2019 to December 31, 2019 consisted of the following:
Time-Based Stock Options
 
Number
of Options
(in thousands)
 
Weighted
Average Exercise Price
(in dollars)
Options outstanding as of June 30, 2019
794

 
$
46.47

Options granted
334

 
47.13

Options exercised
(136
)
 
36.42

Options canceled
(103
)
 
58.75

Options outstanding as of December 31, 2019
889

 
$
46.85


The Binomial model used to determine the grant date fair value of the time-based stock options granted in the first quarter of fiscal 2020 used an expected volatility based on the average of implied volatility and historical stock price volatility for the Company, the average of which was 25.87%, a risk-free interest rate of 1.68%, an expected dividend yield of 1.27%, and weighted average expected life of 6 years.
Performance - Based Stock Options. There were no grants of performance-based stock options during the three and six months ended December 31, 2019.
Time-Based Restricted Stock and Time-Based Restricted Stock Units
 
Number of Shares
(in thousands)
 
Number of Units
(in thousands)
Non-vested restricted units/shares as of June 30, 2019
145

 
408

Restricted shares/units granted
—

 
539

Restricted shares/units vested
(122
)
 
(113
)
Restricted shares/units forfeited
(4
)
 
(41
)
Non-vested restricted units/shares as of December 31, 2019
19

 
793


Performance-Based Restricted Stock Units
 
Number of Units
(in thousands)
Non-vested restricted units as of June 30, 2019
414

Restricted units granted
378

Restricted units forfeited
(36
)
Non-vested restricted units as of December 31, 2019
756


The Monte Carlo simulation model used to determine the grant date fair value of the 378 thousand three-year performance based restricted stock units granted in the six months ended December 31, 2019 used an expected volatility based on historical stock price volatility for the Company and the peer companies, the average of which was 24.69% and a risk-free interest rate of 1.67%. Because these awards earn dividend equivalents, the model did not assume an expected dividend yield.