Stock-Based Compensation

The stock-based compensation expense under all equity plans and its classification in the unaudited consolidated statements of operations for the three and nine months ended March 31, 2022 and 2021 were as follows:


	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
	(Dollars in Thousands)
Recorded as expenses:
Cost of maintenance	$	150	$	234	$	505	$	688
Cost of services and other	225		412		731		1,198
Selling and marketing	1,687		1,869		5,324		4,655
Research and development	1,702		2,273		5,434		6,515
General and administrative	3,993		4,437		13,719		11,533
Total stock-based compensation	$	7,757	$	9,225	$	25,713	$	24,589

A summary of stock option and restricted stock unit (“RSU”) activity under all equity plans for the nine months ended March 31, 2022 is as follows:


	Stock Options						Restricted Stock Units
	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in 000’s)		Shares	Weighted Average Grant Date Fair Value
Outstanding at June 30, 2021	1,285,221	$	94.18	6.93	$	56,032	362,024	$	128.66
Granted	274,777	130.29					393,769	135.79
Settled (RSUs)	—						(196,532)	127.62
Exercised (Stock options)	(171,895)	89.35					—
Cancelled / Forfeited	(37,721)	128.78					(36,208)	131.76
Outstanding at March 31, 2022	1,350,382	$	100.69	6.78	$	85,818	523,053	$	134.52
Vested and exercisable at March 31, 2022	869,953	$	84.81	5.72	$	70,087
Vested and expected to vest as of March 31, 2022	1,262,415	$	99.16	6.68	$	83,580	409,774	$	134.27

As of March 31, 2022, the RSUs expected to vest included 169,351 shares of RSUs granted during second and third quarter of fiscal 2022 which vest over a 12 to 18 month period contingent upon the close of the Transactions and continued service. Stock-based compensation expense associated with these awards will begin recognition at the closing date of the Transactions. Accordingly, there was no stock-based compensation expense recognized during the three and nine months ended March 31, 2022 for these awards.

The weighted average estimated fair value of option awards granted was $47.93 and $45.63 during the three months ended March 31, 2022 and 2021, respectively, and $40.50 and $38.76 during the nine months ended March 31, 2022 and 2021, respectively.

We utilized the Black-Scholes option valuation model with the following weighted average assumptions:


	Nine Months Ended March 31,
	2022		2021
Risk-free interest rate	0.8	%	0.4	%
Expected dividend yield	0.0	%	0.0	%
Expected life (in years)	4.7		4.7
Expected volatility factor	35.4	%	34.1	%

As of March 31, 2022, the total future unrecognized compensation cost related to stock options and RSUs was $13.7 million and $46.0 million, respectively, and was expected to be recorded over a weighted average period of 2.57 years and 2.74 years, respectively. Of the $46.0 million total future unrecognized compensation cost related to RSUs, $24.2 million was associated with the awards that are contingent upon the close of the Transactions.

As of March 31, 2022, common stock reserved for future issuance under equity compensation plans was 4.9 million shares.