The Company grants long-term equity-based awards under the Amended and Restated 2018 Long Term Incentive Plan (the Amended and Restated 2018 Plan). The Amended and Restated 2018 Plan, which was approved by the Company's shareholders at its 2025 Annual Meeting of Shareholders, provides for the granting of non-qualified SOs, equity-based SARs and cash-settled SARs, RSUs and PSUs, to employees and non-employee directors of the Company. Under the Amended and Restated 2018 Plan, a maximum of 415,945 shares are approved for issuance. As of June 30, 2025, a maximum of 228,989 shares were available for grant under the Amended and Restated 2018 Plan. All unvested awards are subject to forfeiture in the event of termination of employment, unless accelerated. SAR and RSU awards granted under the Amended and Restated 2018 Plan generally include various acceleration terms, including upon retirement for participants aged 62 years or older or who are aged 55 years or older and have 15 years of continuous service.

The Company also has outstanding awards under the 2016 Long Term Incentive Plan (the 2016 Plan), although the 2016 Plan terminated in October 2018 and no additional awards have since been or will be made under the 2016 Plan. The 2016 Plan provided for the granting of SARs, restricted stock awards (RSAs), RSUs and PSUs, as well as cash-based performance grants, to employees and non-employee directors of the Company.

The Company also has outstanding awards under the Amended and Restated 2004 Long Term Incentive Plan (the 2004 Plan), although the 2004 Plan terminated in October 2016 and no additional awards have since been or will be made under the 2004 Plan. The 2004 Plan provided for the granting of non-qualified SOs, SARs, RSAs, RSUs and PSUs, as well as cash-based performance grants, to employees and non-employee directors of the Company.

Using the fair value of each grant on the date of grant, the weighted average fair values per stock-based compensation award granted during fiscal years 2025, 2024, and 2023 were as follows (1):


	Fiscal Years
	2025		2024		2023

SARs	$	—	$	—	$	30.40
SOs	—		—		28.60
RSUs	22.20		21.20		—

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(1)The fair value of cash-settled SARs granted are estimated on the date of grant using a Black-Scholes valuation model, with the fair value recalculated on a quarterly basis. The fair value of market-based SOs granted are estimated on the date of grant using a Black-Scholes valuation model. The fair value of market-based RSUs granted are estimated on the date of grant using the closing stock price on the date of grant.


	Fiscal Years
	2025		2024		2023

Risk-free interest rate	3.98 - 4.48%		3.88 - 4.32%		3.08 - 4.30%
Expected volatility	84.6 - 319.3%		89.2 - 104.8%		69.5 - 82.6%
Expected dividend yield	—	%	—	%	—	%
Expected term of stock-based awards	4.7 - 7.2 years		5.8 - 6.7 years		6.0 - 7.9 years

The risk-free interest rate is determined based on the U.S. Treasury rates approximating the expected life of the market-based SARs, SOs, and RSUs granted. Expected volatility is established based on historical volatility of the Company's stock price. The Company uses historical data to estimate pre-vesting forfeiture rates. The expected term is based on a review of historical exercise experience.

Stock-based compensation expense was as follows:


	Fiscal Years
	2025		2024		2023

	(Dollars in thousands)
SARs (1)	$	528	$	(63)	$	238
SOs	611		1,070		1,114
RSUs	801		551		964
Total stock-based compensation expense (recorded in general and administrative)	1,940		1,558		2,316
Less: Income tax expense (2)	(407)		—		—
Total stock-based compensation expense, net of tax	$	1,533	$	1,558	$	2,316

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SARs granted under the 2018 Plan, 2016 Plan, and the 2004 Plan generally vest 20%, 20%, and 60% over a three-year period subsequent to the grant date or vest ratably over a three to five-year period on each of the annual grant date anniversaries and expire 10 years from the grant date. SARs awarded to the Company's executives are liability-classified awards that vest ratably over a three-year period and are revalued each reporting period. SARs granted prior to fiscal year 2023 vest 20%, 20%, and 60% over a three-year period or vest ratably over a three-year period, with the exception of the April 2017 grant to the former Chief Executive Officer, which vested in full after two years.


	Shares/Units (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
	SARs

Outstanding balance at June 30, 2024	105	$	129.00

Forfeited/Expired	(9)	$	40.32

Outstanding balance at June 30, 2025	96	$	137.69	4.12	$	(11,093)
Exercisable at June 30, 2025	88	$	146.56	3.87	$	(10,953)
Unvested awards, net of estimated forfeitures	7	$	30.40	7.16	$	(57)

SOs granted under the Amended and Restated 2018 Plan, 2016 Plan, and the 2004 Plan generally vest 20%, 20%, and 60% over a three-year period subsequent to the grant date or vest ratably over a three to five-year period on each of the annual grant date anniversaries and expire 10 years from the grant date. The SOs granted during fiscal year 2023 were awarded to the Company's executives and vest ratably over a three-year period and SOs granted to non-employee directors vest in equal amounts over a one-year period from the Company's previous annual shareholder meeting date and exercises are deferred until the director's board service ends.

Activity for all the Company's outstanding SOs is as follows:


	Shares/Units (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
	SOs

Outstanding balance at June 30, 2024	149	$	32.29

Forfeited/Expired	(24)	$	32.91

Outstanding balance at June 30, 2025	125	$	32.17	6.95	$	(1,234)
Exercisable at June 30, 2025	114	$	32.34	6.93	$	(1,145)
Unvested awards, net of estimated forfeitures	11	$	30.40	7.16	$	(89)

RSUs granted to employees under the Amended and Restated 2018 Plan, 2016 Plan, and 2004 Plan generally vest 20%, 20%, and 60% over a three-year period subsequent to the grant date, vest ratably over a one to five-year period on each of the annual grant date anniversaries or vest entirely after a one, three, or five-year period subsequent to the grant date. RSUs granted to non-employee directors under the Amended and Restated 2018 Plan, 2016 Plan, and 2004 Plan generally vest in equal monthly amounts over a one-year period from the Company's previous annual shareholder meeting date and distributions are deferred until the director's board service ends.

Activity for all the Company's RSUs is as follows:


	Shares/Units (in thousands)	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)
	RSUs

Outstanding balance at June 30, 2024	48	$	101.48
Granted	82	$	22.20
Forfeited	(8)	$	22.18
Vested	(19)	$	79.06
Outstanding balance at June 30, 2025	103	$	48.79	$	2,297
Vested at June 30, 2025	14	$	92.20	$	312
Unvested awards, net of estimated forfeitures	79	$	44.16	$	1,762

As of June 30, 2025, there was $1.0 million of unrecognized expense related to RSUs that is expected to be recognized over a weighted average period of 2.0 years. The fair value of the shares vested was $1.5 million, $0.3 million, and $0.5 million in fiscal years 2025, 2024, and 2023, respectively.