Stock-Based Compensation

12 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock Options

Changes in our stock options for 2023 were as follows:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (years)	Aggregate Intrinsic value (in thousands)
Options outstanding, June 30, 2022	271,843	$	37.45

Exercised	—	—
Lapsed and forfeited	(54,229)	38.10
Options outstanding, June 30, 2023	217,614	$	37.29	1.4	$	105
Options vested and expected to vest, June 30, 2023	217,614	$	37.29	1.4	$	105
Options exercisable, June 30, 2023	217,614	$	37.29	1.4	$	105

As of June 30, 2023 and 2022, there was no unrecognized compensation cost related to options outstanding. All options were fully vested as of June 30, 2023 and 2022.

Tax benefits relating to excess stock-based compensation deductions are presented in the consolidated statements of cash flows as operating cash inflows. Tax benefits resulting from stock-based compensation deductions were greater than the amounts reported for financial reporting purposes by $0.8 million and $0.7 million in 2023 and 2021, respectively, and less than the amounts reported for financial reporting purposes by $0.2 million in 2022.

The amount of cash received from the exercise of capital stock options during 2023, 2022 and 2021 was zero, $0.2 million and $6.6 million, respectively. The related tax benefit was zero in 2023 and 2022, respectively, and $0.6 million in 2021. The total intrinsic value of options exercised in 2023, 2022 and 2021 was zero, $0.1 million and $2.4 million, respectively.

Restricted Stock Units – Time Vesting and Performance Vesting

Performance vesting restricted stock units are earned based on both annual and three-year performance targets. The performance vesting restricted stock units are subject to a service condition that requires the individual to be employed by the Company at the payment date after a three-year period, with the exception of retirement eligible grantees, who upon retirement are entitled to receive payment for any units that have been earned, including a prorated portion in the partially completed fiscal year in which the retirement occurs. Time vesting stock units are valued at the market value of the stock on the grant date. Performance vesting stock units with a market condition are valued using a Monte Carlo model.

Changes in our performance vesting and time vesting restricted stock units for 2023 were as follows:


	Performance Vesting Stock Units	Performance Vesting Weighted Average Fair Value		Time Vesting Stock Units	Time Vesting Weighted Average Fair Value
Unvested, June 30, 2022	350,955	$	33.44	1,213,896	$	33.53
Granted	189,469	27.27		738,089	26.92
Vested	—	—		(642,119)	32.62
Performance metric adjustments, net	(52,111)	27.58		—	—

Forfeited	(4,832)	30.49		(102,424)	29.89
Unvested, June 30, 2023	483,481	$	31.68	1,207,442	$	30.26

During 2023, 2022 and 2021, compensation expense related to performance vesting and time vesting restricted stock units was $23.3 million, $20.1 million and $23.9 million, respectively. Performance vesting stock units were adjusted by 52,111 units during 2023 related to the fiscal 2022 performance year. As of June 30, 2023, the total unrecognized compensation cost related to unvested performance vesting and time vesting restricted stock units was $24.6 million and is expected to be recognized over a weighted average period of 1.7 years.