The following tables summarize the components of share-based compensation expense recognized in the Company’s consolidated statements of comprehensive income, both by line item and by plan:


	Year ended June 30,
	2023		2022		2021
Cost of services	$	298	$	105	$	—
Selling, general and administrative	4,308		1,746		5,361
Total stock compensation expense	$	4,606	$	1,851	$	5,361

	Year ended June 30,
	2023		2022		2021
Phantom Stock Plans	$	800	$	33	$	851
2018 Restricted Stock Award Plan	$	(7)	$	6	$	885
2020 Long term Incentive Plan	$	3,813	$	1,812	$	3,625
Total stock compensation expense	$	4,606	$	1,851	$	5,361

In 2018, the Company adopted phantom stock plans (“Phantom Stock Plans”) in certain of its operating countries, which provide for grants of “phantom stock options” to certain executive officers and employees in those countries. Each phantom stock option provides the participant with a contractual right to receive an amount equal to the difference between the fair market value of a vested common share of the Company at the time of exercise and the exercise price of the option per share.

The maximum number of phantom stock options available for issuance under the Phantom Stock Plans is 600,000. The Phantom Stock Plans shall continue until the earlier of June 30, 2025 or termination by the Company’s board of directors pursuant to the terms of the plans.


	Share options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate intrinsic value (thousands)
Outstanding as of June 30, 2022	187,673	$	18.91	7.23
Granted	97,500	25.48		9.67
Exercised	(63,089)	17.18		6.86	$	558
Forfeited / expired	(10,734)	24.36		8.94
Outstanding as of June 30, 2023	211,350	$	22.18	8.38	$	188
Vested and exercisable as of June 30, 2023	93,621	$	19.43	7.34	$	169

The weighted average fair value of the phantom stock options for the years ended June 30, 2023, 2022, and 2021 is $8.33, $5.59, and $13.84 respectively. The total pre-tax intrinsic value of the options exercised during the years ended June 30, 2023, 2022, and 2021 was $8.85, $9.52, and $14.76, respectively. The liability for outstanding phantom stock options as of June 30, 2023 and 2022 was $1.2 million and $1.0 million and is included in other liabilities and non-current liabilities in the consolidated balance sheets, as applicable.

As of June 30, 2023, the unrecognized compensation expense associated with the phantom stock plan is $0.6 million and it will be recognized over 47 months from the end of June 30, 2023.

Phantom stock option awards vest based on service conditions. The Company has elected to use the Black-Scholes valuation to calculate the fair value of Phantom stock options. The Black-Scholes valuation model requires the use of certain estimates and assumptions that affect the fair value of options in the consolidated statement of profit or loss. These include the price per share, expected term, expected volatility, expected dividends and the risk-free interest rate.


	June 30, 2023	June 30, 2022	June 30, 2021
Expected term	1.40 - 6.12 years	1.40 -5.66 years	1.65 - 5.66 years
Volatility	33.41% - 36.33%	32.6% - 37.2%	32.23% - 44.29%
Expected dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	4.05% - 4.87%	3.01% to 3.03%	0.25% - 1.04%

•Expected volatility: Based on the historical stock price volatility of comparable publicly-traded companies in our peer group.

On December 21, 2018, our board of directors and shareholders approved and adopted the Company’s 2018 Restricted Share Plan (the “2018 RSA Plan”). As of May 20, 2020, the Company will not issue further shares under this 2018 RSA plan and the remaining shares of 707,535 were transferred to the 2020 Long Term Incentive Plan.

Performance-based restricted stock awards (“RSA”) were granted to executive leadership team employees and vested based on certain performance criteria, which have all been met, in addition to service conditions.


	Shares	Weighted Average Grant Date Fair Value
Unvested as of June 30, 2022	35,292	$	0.61
Granted	—	—
Vested	(28,902)	0.61
Forfeitures / cancellations / expirations	(106)	0.61
Unvested as of June 30, 2023	6,284	$	0.61

On May 20, 2020, our board of directors and shareholders approved and adopted the Company’s 2020 Long Term Incentive Plan, with an amendment and restatement effective January 14, 2022 (the “2020 LTIP”). The number of common shares that we may issue with respect to awards granted under the 2020 LTIP will not exceed an aggregate of 1,987,326 shares. The 2020 LTIP provides for grants of stock options and stock awards.

The Company granted stock options to new and existing employees and members of the board of directors over the last three fiscal years. These awards are subject to service-based, and in some cases, performance- and market-based vesting conditions and generally vest in monthly, quarterly, or annual installments over two to four years. The term of the option awards is ten years.


	Share options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate intrinsic value (thousands)
Outstanding as of June 30, 2022	921,972	$	16.62	7.34
Granted	236,200	26.22		9.67
Exercised	(122,946)	16.79		7.28	$	1,002
Forfeited / expired	(93,627)	18.44		7.26
Outstanding as of June 30, 2023	941,599	18.78		7.89	$	3,501
Vested and exercisable as of June 30, 2023	558,758	$	16.36	7.16	$	2,721

The weighted-average grant-date fair value of options granted during the years ended June 30, 2023, 2022, and 2021 was $18.78, $16.42, and $16.70, respectively. The total pre-tax intrinsic value of the options exercised during the year ended June 30, 2023, 2022, and 2021 was $8.15, $4.08, and $3.65, respectively.

We use the Black-Scholes model to determine the fair value of stock options with either solely service conditions or a combination of service and performance conditions. The grant date fair value of the stock options was estimated using the following assumptions:

June 30,
2023

June 30,
2022

June 30,
2021

Expected term

6.12 years

6.08 - 7.00 years

5.30 - 10.00 years

Volatility

32.89% - 33.39%

31.30% - 31.54%

29.40% - 47.70%

Expected dividend yield

0.00%

Risk-free interest rate

3.75% to 4.11%

1.28% to 2.00%

0.57% to 1.20%

•Expected volatility: Based on the historical stock price volatility of comparable publicly-traded companies in our peer group.

The Company granted restricted stock awards in fiscal year 2022 (“RSU”) which vest based on service conditions over four years. The Company also granted restricted stock awards in fiscal year 2021 to the Chief Executive Officer and members of the board of directors which either vest immediately or over two years.

The Company granted restricted stock units that were subject to service and performance conditions in fiscal years 2022 and 2021. Performance triggers were based on revenue or EBITDA targets. If such targets are met, awards begin vesting on a three-year schedule, or, in some cases, vest immediately. If targets are not met, no shares will vest.

The Company calculated the fair value of the RSU and PRSU awards based on the closing price of the Company’s stock on the date of grant and records compensation expense over the vesting period using a graded vesting model. The weighted average grant-date fair value of these awards during the years ended June 30, 2023, 2022, and 2021 was $16.28, $16.68, and $19.23, respectively. The weighted average grant-date fair value of awards vested during the years ended June 30, 2023, 2022, and 2021 was $17.12, $19.23 and $19.23, respectively.


	Shares	Weighted Average Grant Date Fair Value
Unvested as of June 30, 2022	635,738	$	16.68
Granted	—	$	—
Vested	(30,557)	$	17.12
Forfeitures / cancellations / expirations	(60,000)	$	20.11
Unvested as of June 30, 2023	545,181	$	16.28

As of June 30, 2023, there was approximately $8.2 million of total unrecognized compensation expense which will be recognized over the remaining weighted average vesting period of 3.77 years using a graded vesting model.