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Stock Based Compensation (Text Block)
 3 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Share-based Payment Arrangement [Text Block] STOCK-BASED COMPENSATION
Our operating income for the three months ended September 30, 2019 and 2018 included $2,853 and $1,771 of stock-based compensation costs, respectively.
Stock Options
On November 10, 2015, the Company adopted the 2015 Equity Incentive Plan ("2015 EIP") for its employees and non-employee directors. The plan allows for grants of stock options, stock appreciation rights, restricted stock shares or units, and performance shares or units. The maximum number of shares authorized for issuance under the plan is 3,000. For stock options, terms and vesting periods of the options are determined by the Compensation Committee of the Board of Directors when granted. The option period must expire not more than ten years from the option grant date. The options granted under this plan are exercisable beginning three years after the grant date at an exercise price equal to 100% of the fair market value of the stock at the grant date. The options terminate upon surrender of the option, ninety days after termination of employment, upon the expiration of one year following notification of a deceased optionee, or ten years after grant.
The Company previously issued options to outside directors under the 2005 Non-Qualified Stock Option Plan (“2005 NSOP”). No additional stock options may be issued under this plan.
A summary of option plan activity under these plans is as follows:
 
Number of Shares
 
Weighted Average Exercise Price
 
Aggregate
 Intrinsic
 Value
Outstanding July 1, 2019
32

 
$
87.27

 
 
Granted
—

 
—

 
 
Forfeited
—

 
—

 
 
Exercised
—

 
—

 
 
Outstanding September 30, 2019
32

 
$
87.27

 
$
1,860

Vested and Expected to Vest September 30, 2019
32

 
$
87.27

 
$
1,860

Exercisable September 30, 2019
32

 
$
87.27

 
$
1,860


At September 30, 2019, there was no compensation cost yet to be recognized related to outstanding options. For options currently exercisable, the weighted average remaining contractual term (remaining period of exercisability) as of September 30, 2019 was 6.75 years.
Restricted Stock Awards
The Company issues both share awards and unit awards under the 2015 EIP, and previously issued these awards through the 2005 Restricted Stock Plan. The following table summarizes non-vested share awards as of September 30, 2019, as well as activity for the three months then ended:
Share awards
Shares
 
Weighted
Average
Grant Date
Fair Value
Outstanding July 1, 2019
6

 
$
87.27

Granted
—

 
—

Vested
(6
)
 
87.27

Forfeited
—

 
—

Outstanding September 30, 2019
—

 
$
—


At September 30, 2019, there was no compensation expense yet to be recognized related to non-vested restricted stock share awards.
The following table summarizes non-vested restricted stock unit awards as of September 30, 2019, as well as activity for the three months then ended:
Unit awards
Units
 
Weighted
Average
Grant Date
Fair Value
 
Aggregate Intrinsic Value
Outstanding July 1, 2019
298

 
$
107.00

 
 
Granted
3

 
130.61

 
 
Vested
(31
)
 
75.34

 
 
Forfeited
(51
)
 
74.59

 
 
Outstanding September 30, 2019
219

 
$
119.42

 
$
31,910


The 3 unit awards granted in fiscal 2020 were valued at the weighted-average fair value of the non-vested unit awards based on the fair market value of the Company’s equity shares on the grant date, less the present value of expected future dividends to be declared during the vesting period, consistent with the methodology for calculating compensation expense on such awards.
At September 30, 2019, there was $10,841 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 1.17 years.