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Stock Based Compensation (Text Block)
 3 Months Ended
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
STOCK-BASED COMPENSATION
Our pre-tax operating income for the three months ended September 30, 2015 and 2014 includes $1,970 and $2,068 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 by the Company during the three months ended September 30, 2015.
A summary of option plan activity under these plans are as follows:
 
Number of Shares
 
Weighted Average Exercise Price
 
Aggregate
 Intrinsic
 Value
Outstanding July 1, 2015
100

 
23.07

 
 
Granted
—

 


 
 
Forfeited
—

 


 
 
Exercised
—

 


 
 
Outstanding September 30, 2015
100

 
$
23.07

 
$
4,655

Vested September 30, 2015
100

 
$
23.07

 
$
4,655

Exercisable September 30, 2015
100

 
$
23.07

 
$
4,655


Compensation cost related to outstanding options has now been fully recognized. The weighted average remaining contractual term on options currently exercisable as of September 30, 2015 was 2.91 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 September 30, 2015, as well as activity for the three months then ended:
Share awards
Shares
 
Weighted
Average
Grant Date
Fair Value
Outstanding July 1, 2015
72

 
34.28

Granted
21

 
65.52

Vested
(12
)
 
42.73

Forfeited
(1
)
 
36.27

Outstanding September 30, 2015
80

 
$
41.19


At September 30, 2015, there was $1,911 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 1.18 years.
The following table summarizes non-vested unit awards as of September 30, 2015, as well as activity for the three months then ended:
Unit awards
Shares
 
Weighted
Average
Grant Date
Fair Value
Outstanding July 1, 2015
499

 
48.13

Granted
118

 
76.01

Vested
(90
)
 
42.39

Forfeited
(77
)
 
42.39

Outstanding September 30, 2015
450

 
$
57.57


The Company utilized a Monte Carlo pricing model customized to the specific provisions of the Company’s plan design to value unit awards subject to performance targets on the grant dates. The weighted average assumptions used in this model to estimate fair value at the measurement date and resulting values for 118 unit awards granted in the first quarter of fiscal 2016 are as follows:
Volatility
15.6
%
Risk free interest rate
1.06
%
Dividend yield
1.5
%
Stock Beta
0.741

At September 30, 2015, there was $16,456 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 1.80 years.