STOCK-BASED COMPENSATION

9 Months Ended

Mar. 31, 2013

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

7. STOCK-BASED COMPENSATION

The Company recognized stock-based compensation expense as follows:

	Three Months Ended				Nine Months Ended
	March 31,		March 31,		March 31,		March 31,
	2013		2012		2013		2012
	(Amounts in thousands)				(Amounts in thousands)
Stock options	$	113	$	111	$	370	$	349
Stock appreciation rights	378		297		1,196		921
Restricted stock	613		572		2,392		2,223
Performance stock	805		514		1,850		2,067
Total stock-based compensation expense	$	1,909	$	1,494	$	5,808	$	5,560

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

As of March 31, 2013, there was $0.6 million of unrecognized compensation expense related to non-vested stock options, which is expected to be recognized over a weighted-average period of 1.8 years.

As of March 31, 2013, there was $1.7 million of unrecognized compensation expense related to non-vested stock-settled stock appreciation rights, which is expected to be recognized over a weighted-average period of 1.7 years.

The restricted stock awards granted to officers and certain employees during the nine months ended March 31, 2013, vest over a three year period beginning after a two-year holding period from the date of grant, with one-third of the shares vesting after years three, four and five, respectively.  As of March 31, 2013, there was $5.8 million of unrecognized compensation expense related to non-vested restricted stock, which is expected to be recognized over a weighted-average vesting period of 3.4 years.

As of March 31, 2013, there was $3.5 million of unrecognized compensation expense related to non-vested performance stock, which is expected to be recognized over a weighted-average vesting period of 1.5 years.