SHAREHOLDERS' EQUITY

6 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY:

Stock-Based Employee Compensation:

During the three and six months ended December 31, 2022, the Company granted various equity awards including stock options and stock appreciation rights as follows:


	Three Months Ended December 31, 2022	Six Months Ended December 31, 2022



Stock options (SOs)	615,000	1,600,000
Stock appreciation rights (SARs)	—	600,000

The SOs and SARs granted during the three and six months ended December 31, 2022 vest in equal amounts over a one or three-year period subsequent to the grant date.

Total compensation cost for stock-based payment arrangements totaling $0.6 and $(1.4) million for the three months ended December 31, 2022 and 2021, respectively, and $1.1 and $0.3 million for the six months ended December 31, 2022 and 2021, respectively, were recorded within general and administrative expense on the unaudited Condensed Consolidated Statement of Operations. In the three and six months ended December 31, 2021, stock compensation includes a benefit related to executive forfeitures of $2.0 million.

Share Issuance Program:

In fiscal year 2021, the Company filed a $150.0 million shelf registration statement and $50.0 million prospectus supplement with the Securities and Exchange Commission (SEC) under which it may offer and sell, from time to time, up to $50.0 million worth of its Class A common stock in "at-the-market" offerings. During the six months ended December 31, 2022, the Company did not issue any shares. During the six months ended December 31, 2021, the Company issued 9.3 million shares and received net proceeds of $37.2 million. As of December 31, 2022, $11.6 million remains under the prospectus supplement, which equates to 9.5 million shares based on the share price as of December 31, 2022.