Stock-Based Compensation (Tables)

9 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Assumptions used in our Black-Scholes valuation

The assumptions used in our Black-Scholes valuation related to grants made during the nine months ended March 31, 2016 and 2015 were as follows:

	2016		2015
Risk-free interest rate	1.4	%	1.5	%
Expected life (years) (3)	4.5		4.5
Expected volatility (4)	31.7	%	32.5	%
Expected dividend yield	2.1	%	1.7	%

(3) Expected life is derived from historical experience.

(4) Expected volatility is based on the implied historical volatility of our stock.

Changes in stock options

Changes in our stock options for the nine months ended March 31, 2016 were as follows:

	Options		Weighted Average Exercise Price		Weighted Average Remaining Life (years)	Aggregate Intrinsic value (in thousands)
Options outstanding, June 30, 2015	2,094,037		$	36.08
Granted	885,403		28.29
Exercised	(38,569	)	25.02
Lapsed or forfeited	(369,945	)	34.95
Options outstanding, March 31, 2016	2,570,926		$	33.72	5.1	$	740
Options vested and expected to vest, March 31, 2016	2,512,561		$	33.80	5.0	$	720
Options exercisable, March 31, 2016	1,648,381		$	35.36	2.9	$	145

Changes in time vesting and performance vesting restricted stock units

Changes in our time vesting and performance vesting restricted stock units for the nine months ended March 31, 2016 were as follows:

	Performance Vesting Stock Units		Performance Vesting Weighted Average Fair Value		Time Vesting Stock Units		Time Vesting Weighted Average Fair Value
Unvested performance vesting and time vesting restricted stock units, June 30, 2015	101,245		$	43.00	689,268		$	41.53
Granted	117,589		31.60		755,787		27.49
Vested	—		—		(284,778	)	40.80
Performance metric not achieved	(42,697	)	31.60		—		—
Forfeited	(60,670	)	32.70		(127,995	)	35.79
Unvested performance vesting and time vesting restricted stock units, March 31, 2016	115,467		$	36.96	1,032,282		$	32.13