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Stock Based Compensation (Text Block)
 9 Months Ended
Mar. 31, 2015
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, 2015 and 2014, there was $2,759 and $2,761 of equity-based compensation costs, respectively. Our pre-tax operating income for the nine months ended March 31, 2015 and 2014, includes $7,342 and $7,303 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, 2015.
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
(15
)
 
19.65

 
 
Outstanding March 31, 2015
110

 
$
22.65

 
$
5,197

Vested March 31, 2015
110

 
$
22.65

 
$
5,197

Exercisable March 31, 2015
110

 
$
22.65

 
$
5,197


Compensation cost related to outstanding options has been fully recognized. The weighted average remaining contractual term on options currently exercisable as of March 31, 2015 was 3.16 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 March 31, 2015, as well as activity for the nine months then ended:
Share awards
Shares
 
Weighted
Average
Grant Date
Fair Value
Outstanding July 1, 2014
138

 
$
33.56

Granted
9

 
56.06

Vested
(70
)
 
35.80

Forfeited
(7
)
 
46.39

Outstanding March 31, 2015
70

 
$
32.95


At March 31, 2015, there was $1,347 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 1.22 years.
The following table summarizes non-vested unit awards as of March 31, 2015, as well as activity for the nine 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
(111
)
 
22.74

Outstanding March 31, 2015
499

 
$
48.08

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 March 31, 2015, there was $11,149 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 1.41 years.