Stock Based Compensation (Text Block)

9 Months Ended

Mar. 31, 2014

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

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

STOCK-BASED COMPENSATION

For the three months ended March 31, 2014 and 2013, there was $2,761 and $2,011 of equity-based compensation costs, respectively. Pre-tax operating income for the first nine months of fiscal 2014 and 2013 includes $7,303 and $6,121 of equity-based compensation costs respectively.

2005 NSOP and 1996 SOP

The Company previously issued options to employees under the 1996 Stock Option Plan (“1996 SOP”) and to outside directors under the 2005 Non-Qualified Stock Option Plan (“2005 NSOP”). No stock options were issued under the 1996 SOP or the 2005 NSOP during the nine months ended March 31, 2014.

A summary of option plan activity under the plan is as follows:

	Number of Shares		Weighted Average Exercise Price		Aggregate  Intrinsic  Value
Outstanding July 1, 2013	144		21.79
Granted	—		—
Forfeited	—		—
Exercised	(13	)	18.69
Outstanding March 31, 2014	131		$	22.08	$	4,414
Vested March 31, 2014	131		$	22.08	$	4,414
Exercisable March 31, 2014	131		$	22.08	$	4,414

Compensation cost related to outstanding options has been fully recognized. The weighted-average remaining contractual term on options currently exercisable as of March 31, 2014 was 3.58 years.

Restricted Stock Plan

The Company issues both unit awards and share awards under the Restricted Stock Plan. The following table summarizes non-vested unit awards as of March 31, 2014, as well as activity for the nine months then ended:

Unit awards	Shares		Weighted Average Grant Date Fair Value
Outstanding July 1, 2013	814		23.08
Granted	164		48.21
Vested	(168	)	15.77
Forfeited	(101	)	15.77
Outstanding March 31, 2014	709		$	31.66

The weighted average assumptions used in this model to estimate fair value at the measurement date and resulting values are as follows:

Volatility	21.6	%
Risk free interest rate	0.91	%
Dividend yield	1.6	%
Stock Beta	0.837

At March 31, 2014, there was $10,190 of compensation expense that has yet to be recognized related to non-vested restricted stock unit awards, which will be recognized over a weighted-average period of 1.16 years.

The following table summarizes non-vested share awards as of March 31, 2014, as well as activity for the nine months then ended:

Share awards	Shares		Weighted Average Grant Date Fair Value
Outstanding July 1, 2013	252		25.83
Granted	30		54.13
Vested	(143	)	24.41
Forfeited	(1	)	22.17
Outstanding March 31, 2014	138		$	33.56

At March 31, 2014, there was $2,071 of compensation expense that has yet to be recognized related to non-vested restricted stock share awards, which will be recognized over a weighted-average period of 1.17 years.