STOCK-BASED COMPENSATION

6 Months Ended

Dec. 31, 2011

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

6.             STOCK-BASED COMPENSATION

The Company recognized stock-based compensation expense as follows:

	For The Three Months Ended				For The Six Months Ended
	December 31,		December 31,		December 31,		December 31,
	2011		2010		2011		2010
	(Amounts in thousands)				(Amounts in thousands)
Stock options	$	123	$	113	$	238	$	244
Stock appreciation rights	329		202		624		368
Restricted stock	565		800		1,651		1,270
Performance stock	851		808		1,553		1,325
Total stock-based compensation expense	$	1,868	$	1,923	$	4,066	$	3,207

Stock-based compensation expense is included within general and administrative in the consolidated statements of operations and comprehensive income.

There were 0 and 24,800 stock options granted during the three months ended December 31, 2011 and 2010, respectively.  There were 18,796 and 24,800 stock options granted during the six months ended December 31, 2011 and 2010, respectively.  As of December 31, 2011, there was $0.8 million of unrecognized compensation expense related to non-vested stock options, which is expected to be recognized over a weighted-average period of 2.1 years.

There were 0 and 51,500 stock-settled appreciated rights (“SSARs”) granted during the three months ended December 31, 2011 and 2010, respectively.  There were 42,804 and 51,500 SSARs granted during the six months ended December 31, 2011 and 2010, respectively.  As of December 31, 2011, there was $1.8 million of unrecognized compensation expense related to non-vested SSARs, which is expected to be recognized over a weighted-average period of 2.0 years.

There were 0 and 53,100 shares of restricted stock granted during the three months ended December 31, 2011 and 2010, respectively. There were 44,950 and 53,100 shares of restricted stock granted during the six months ended December 31, 2011 and 2010, respectively.  As of December 31, 2011, there was $6.6 million of unrecognized compensation expense related to non-vested restricted stock, which is expected to be recognized over a weighted-average period of 4.0 years.

There were 0 and 60,500 shares of performance stock granted during the three months ended December 31, 2011 and 2010, respectively.  There were 49,600 and 60,500 shares of performance stock granted during the six months ended December 31, 2011 and 2010, respectively.  During the three months ended December 31, 2011 and 2010, 14,375 and 0 shares of performance stock, respectively, vested at a weighted-average grant date fair value of $49.66 and $0.  During the six months ended December 31, 2011 and 2010, 14,375 and 74,500 shares of performance stock, respectively, vested at a weighted-average grant date fair value of $49.66 and $42.53.  As of December 31, 2011, there was $2.7 million of unrecognized compensation expense related to non-vested performance stock, which is expected to be recognized over a weighted-average period of 1.9 years.