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Stock Based Compensation (Text Block)
 6 Months Ended
Dec. 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 December 31, 2014 and 2013, there was $2,516 and $2,619 of equity-based compensation costs, respectively. Our pre-tax operating income for the six months ended December 31, 2014 and 2013, includes $4,583 and $4,541 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 six months ended December 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, 2014
125

 
$
22.29

 
 
Granted
—

 
—

 
 
Forfeited
—

 
—

 
 
Exercised
(13
)
 
19.54

 
 
Outstanding December 31, 2014
112

 
$
22.62

 
$
4,412

Vested December 31, 2014
112

 
$
22.62

 
$
4,412

Exercisable December 31, 2014
112

 
$
22.62

 
$
4,412


Compensation cost related to outstanding options has been fully recognized. The weighted average remaining contractual term on options currently exercisable as of December 31, 2014 was 3.36 years.
Restricted Stock Plan
The Company issues both share awards and unit awards under the Restricted Stock Plan. The following table summarizes non-vested share awards as of December 31, 2014, as well as activity for the six months then ended:
Share awards
Shares
 
Weighted
Average
Grant Date
Fair Value
Outstanding July 1, 2014
138

 
$
33.56

Granted
9

 
56.06

Vested
(58
)
 
35.53

Forfeited
(7
)
 
46.39

Outstanding December 31, 2014
82

 
$
33.56


At December 31, 2014, there was $1,075 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 1.26 years.
The following table summarizes non-vested unit awards as of December 31, 2014, as well as activity for the six months then ended:
Unit awards
Shares
 
Weighted
Average
Grant Date
Fair Value
Outstanding July 1, 2014
709

 
$
31.66

Granted
178

 
53.52

Vested
(277
)
 
19.69

Forfeited
(101
)
 
19.69

Outstanding December 31, 2014
509

 
$
48.13

The weighted average assumptions used in this model to estimate fair value at the measurement date and resulting values for 164 unit awards granted are as follows:
Volatility
17.8
%
Risk free interest rate
1.06
%
Dividend yield
1.5
%
Stock Beta
0.765

The remaining 14 unit awards granted are not subject to performance targets, and therefore the estimated fair value at measurement date is valued in the same manner as restricted stock award grants.
At December 31, 2014, there was $13,939 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 1.66 years.