Stockholders' Equity (Tables)
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12 Months Ended |
Jun. 30, 2023 |
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| Equity [Abstract] |
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| Schedule of Estimated Grant Date Fair Value of Stock Options |
The weighted-averages for key assumptions used in determining the fair value of options granted were as follows:
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Year Ended June 30, |
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2023 |
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2022 |
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2021 |
Average volatility |
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47.96% |
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N/A (1) |
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41.76% |
Risk-free interest rate |
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3.76% |
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N/A (1) |
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0.46% |
Weighted-average expected life in years |
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6.0 |
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N/A (1) |
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|
6.1 |
Dividend yield rate annual |
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2.10% |
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N/A (1) |
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|
0.0% |
(1) Not applicable; no employee stock options were issued during the fiscal year ended June 30, 2022.
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| Summary of Stock Option Activity |
The following table summarizes the stock option activity for the years ended June 30, 2023, 2022, and 2021:
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Options |
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Weighted Average Exercise Price Per Share |
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Aggregate
Intrinsic Value
(in thousands) |
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Weighted Average Grant Date Fair Value Per Award |
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Fiscal 2021 |
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Outstanding at June 30, 2020 |
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2,499,626 |
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$ |
7.62 |
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|
$ |
6,061 |
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|
$ |
2.67 |
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Granted |
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|
392,000 |
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$ |
17.75 |
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|
$ |
— |
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(1) |
$ |
7.35 |
|
Exercises |
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(570,370 |
) |
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$ |
6.65 |
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|
$ |
7,037 |
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|
$ |
2.75 |
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Cancellations, expirations and forfeitures |
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|
(3,200 |
) |
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$ |
9.33 |
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|
$ |
— |
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|
$ |
3.49 |
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Outstanding at June 30, 2021 |
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|
2,318,056 |
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$ |
8.01 |
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$ |
35,343 |
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$ |
3.44 |
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Exercisable at June 30, 2021 |
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1,385,302 |
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$ |
6.88 |
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$ |
22,675 |
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$ |
2.89 |
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Fiscal 2022 |
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Outstanding at June 30, 2021 |
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2,318,056 |
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$ |
8.01 |
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$ |
35,343 |
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|
$ |
3.44 |
|
Exercises |
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(538,596 |
) |
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$ |
4.32 |
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|
$ |
15,874 |
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$ |
3.22 |
|
Cancellations, expirations and forfeitures |
|
|
— |
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|
$ |
— |
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$ |
— |
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$ |
— |
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Outstanding at June 30, 2022 |
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1,779,460 |
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$ |
7.84 |
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$ |
43,433 |
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$ |
3.51 |
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Exercisable at June 30, 2022 |
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1,147,972 |
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$ |
6.28 |
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$ |
29,811 |
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$ |
2.65 |
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Fiscal 2023 |
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Outstanding at June 30, 2022 |
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1,779,460 |
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$ |
7.84 |
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$ |
43,433 |
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$ |
3.51 |
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Granted |
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|
10,000 |
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$ |
39.69 |
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|
$ |
— |
|
(1) |
$ |
16.56 |
|
Exercised |
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(343,200 |
) |
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$ |
6.68 |
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$ |
8,562 |
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$ |
3.57 |
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Cancellations, expirations and forfeitures |
|
|
— |
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|
$ |
— |
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|
$ |
— |
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$ |
— |
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Outstanding at June 30, 2023 |
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1,446,260 |
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$ |
7.11 |
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$ |
43,882 |
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$ |
3.58 |
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Exercisable at June 30, 2023 |
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1,175,591 |
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$ |
5.02 |
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$ |
38,505 |
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$ |
2.53 |
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(1) The Company issued the options with an exercise price per share not less than the closing market price of common stock on the grant date.
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| Summary of Information about Stock Option Outstanding and Exercisable |
The following table summarizes information about stock options outstanding and exercisable as of June 30, 2023:
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Exercise Price Ranges |
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Options Outstanding |
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Options Exercisable |
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From |
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To |
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Number of
Underlying
Shares |
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Weighted Average Remaining Contractual Life
(Years) |
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|
Weighted Average Exercise Price |
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Number of
Underlying
Shares |
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Weighted Average Remaining Contractual Life
(Years) |
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|
Weighted Average Exercise Price |
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$ |
— |
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$ |
5.00 |
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|
704,658 |
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|
6.24 |
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$ |
1.90 |
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704,658 |
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6.24 |
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$ |
1.90 |
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$ |
5.01 |
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$ |
7.50 |
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49,600 |
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|
2.86 |
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$ |
6.37 |
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49,600 |
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2.86 |
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$ |
6.37 |
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$ |
7.51 |
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$ |
12.50 |
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426,668 |
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2.93 |
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$ |
8.86 |
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400,000 |
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2.64 |
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$ |
8.83 |
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$ |
12.51 |
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$ |
30.00 |
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255,334 |
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7.69 |
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$ |
17.42 |
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21,333 |
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7.48 |
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$ |
14.77 |
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$ |
30.01 |
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$ |
50.00 |
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|
10,000 |
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|
9.60 |
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$ |
39.69 |
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— |
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— |
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$ |
— |
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1,446,260 |
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|
5.43 |
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$ |
7.11 |
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1,175,591 |
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4.90 |
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$ |
5.02 |
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|
| Summary of Nonvested Stock Option Activity |
The following table summarizes the nonvested stock option activity for the year ended June 30, 2023:
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Options |
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|
Weighted Average Grant Date Fair Value Per Award |
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Nonvested outstanding at June 30, 2022 |
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631,488 |
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$ |
5.06 |
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Granted |
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|
10,000 |
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|
$ |
16.56 |
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Vested |
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|
(370,819 |
) |
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$ |
3.13 |
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Nonvested outstanding at June 30, 2023 |
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|
270,669 |
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$ |
8.14 |
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|
| Summary of Restricted Stock Unit Activity |
The following table summarizes RSU activity for the years ended June 30, 2023, 2022, and 2021:
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Awards
Outstanding |
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|
Weighted Average Fair Value per Unit at Grant Date |
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Fiscal 2021 |
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Nonvested outstanding at June 30, 2020 |
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|
— |
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|
$ |
— |
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Granted |
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25,442 |
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$ |
18.86 |
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Nonvested outstanding at June 30, 2021 |
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25,442 |
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$ |
18.86 |
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Fiscal 2022 |
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Nonvested outstanding at June 30, 2021 |
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25,442 |
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$ |
18.86 |
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Granted |
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|
56,205 |
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$ |
32.51 |
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Vested & delivered |
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(6,360 |
) |
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$ |
18.86 |
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Vested & deferred (1) |
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(19,194 |
) |
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$ |
18.75 |
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Nonvested outstanding at June 30, 2022 |
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|
56,093 |
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$ |
32.58 |
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Vested but subject to deferred settlement at June 30, 2022 (1) |
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19,194 |
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$ |
18.75 |
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Outstanding at June 30, 2022 |
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|
75,287 |
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$ |
29.05 |
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Fiscal 2023 |
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|
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Nonvested outstanding at June 30, 2022 |
|
|
56,093 |
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$ |
32.58 |
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Granted (2) |
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35,269 |
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$ |
32.90 |
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Vested & delivered |
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|
(17,599 |
) |
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$ |
32.34 |
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Vested & deferred (1) |
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(10,176 |
) |
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$ |
35.36 |
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Nonvested outstanding at June 30, 2023 |
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63,587 |
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$ |
32.37 |
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Vested but subject to deferred settlement at June 30, 2023 (1) |
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|
29,370 |
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$ |
24.50 |
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Outstanding at June 30, 2023 |
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|
92,957 |
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$ |
29.89 |
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(1) Certain RSU holders elected to defer settlement of the RSUs to a specified date. The DSU holder is contractually obligated to defer settlement of the DSUs to a specified date following the holder’s termination of service.
(2) Includes 9,397 RSUs that vest based on continuous employment and achievement of non-market performance goals through June 30, 2024, 2025 and 2026.
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