| Schedule of Share-based compensation plan |
At
June 30, 2018, the Company had outstanding equity-linked grants under eight stock-based compensation plans (the “Plans”),
as follows:
| Plan |
|
Initial
Shares |
|
|
Granted
|
|
|
Exercised
|
|
|
Expired
/
Forfeited |
|
|
Outstanding
|
|
|
Available
For
Issuance |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2001 Employee
Stock Option Plan |
|
|
1,000,000 |
|
|
|
1,251,261 |
|
|
|
376,368 |
|
|
|
868,955 |
|
|
|
5,938 |
|
|
|
— |
|
| 2005 Employee Equity
Incentive Plan |
|
|
500,000 |
|
|
|
547,125 |
|
|
|
490,550 |
|
|
|
48,925 |
|
|
|
7,650 |
|
|
|
— |
|
| 2005 Non Employee Director
Stock Option Plan |
|
|
200,000 |
|
|
|
195,000 |
|
|
|
112,500 |
|
|
|
37,500 |
|
|
|
45,000 |
|
|
|
— |
|
| 2009 Employee Equity
Incentive Plan |
|
|
500,000 |
|
|
|
624,925 |
|
|
|
386,350 |
|
|
|
125,600 |
|
|
|
112,975 |
|
|
|
675 |
|
| 2009 Non Employee Director
Stock Option Plan |
|
|
200,000 |
|
|
|
225,000 |
|
|
|
56,250 |
|
|
|
75,000 |
|
|
|
93,750 |
|
|
|
50,000 |
|
| 2012 Employee Equity
Incentive Plan |
|
|
500,000 |
|
|
|
695,000 |
|
|
|
122,370 |
|
|
|
196,000 |
|
|
|
376,630 |
|
|
|
1,000 |
|
| 2012 Non Employee Director
Stock Option Plan |
|
|
200,000 |
|
|
|
222,500 |
|
|
|
3,750 |
|
|
|
45,000 |
|
|
|
173,750 |
|
|
|
22,500 |
|
| 2014 Employee Equity
Incentive Plan |
|
|
750,000 |
|
|
|
505,000 |
|
|
|
3,625 |
|
|
|
158,875 |
|
|
|
342,500 |
|
|
|
3,875 |
|
| 2017 Equity Incentive
Plan |
|
|
750,000 |
|
|
|
172,000 |
|
|
|
— |
|
|
|
— |
|
|
|
172,000 |
|
|
|
578,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,330,193 |
|
|
|
656,050 |
|
| Schedule of weighted average fair value at date of grant for options |
The
weighted average fair value at date of grant for options granted during the fiscal years ended June 30, 2018, 2017 and 2016 was
$5.50, $4.46 and $4.68 per share, respectively. The fair value was estimated based on the weighted average assumptions of:
| |
|
For
the three years ended June 30, |
|
| |
|
2018 |
|
|
2017 |
|
|
2016 |
|
| Risk-free
interest rates |
|
|
1.98 |
% |
|
|
1.80 |
% |
|
|
1.71 |
% |
| Expected option life
in years |
|
|
5.95 |
|
|
|
6.25 |
|
|
|
6.25 |
|
| Expected stock price
volatility |
|
|
57.42 |
% |
|
|
54.68 |
% |
|
|
55.41 |
% |
| Expected dividend yield |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
| Schedule of summary of option activity |
A
summary of option activity under the Plans as of June 30, 2018, 2017 and 2016, and changes during the years ended on those dates
is presented below:
| |
|
|
|
|
Options |
|
|
|
|
| |
|
Outstanding
Shares |
|
|
Weighted
Average
Exercise
Price |
|
|
Aggregate
Intrinsic
Value |
|
| Outstanding
as of June 30, 2015 |
|
|
1,557,616 |
|
|
|
5.80 |
|
|
$ |
6,553,821 |
|
| Vested
and exercisable at June 30, 2015 |
|
|
620,256 |
|
|
|
3.19 |
|
|
$ |
3,911,604 |
|
| Granted |
|
|
320,000 |
|
|
|
8.80 |
|
|
|
|
|
| Exercised |
|
|
(82,737 |
) |
|
|
4.60 |
|
|
|
|
|
| Forfeited |
|
|
(4,375 |
) |
|
|
9.23 |
|
|
|
|
|
| Expired |
|
|
(280 |
) |
|
|
5.82 |
|
|
|
|
|
| Outstanding as of
June 30, 2016 |
|
|
1,790,224 |
|
|
$ |
6.38 |
|
|
$ |
1,675,072 |
|
| Vested
and exercisable at June 30, 2016 |
|
|
813,349 |
|
|
$ |
3.82 |
|
|
$ |
1,501,208 |
|
| Granted |
|
|
327,500 |
|
|
|
8.34 |
|
|
|
|
|
| Exercised |
|
|
(527,663 |
) |
|
|
3.30 |
|
|
|
|
|
| Forfeited |
|
|
(383,625 |
) |
|
|
8.23 |
|
|
|
|
|
| Expired |
|
|
(15,200 |
) |
|
|
8.51 |
|
|
|
|
|
| Outstanding as of
June 30, 2017 |
|
|
1,191,236 |
|
|
$ |
7.66 |
|
|
$ |
2,748,956 |
|
| Vested
and exercisable at June 30, 2017 |
|
|
517,361 |
|
|
$ |
6.33 |
|
|
$ |
1,923,794 |
|
| Granted |
|
|
305,500 |
|
|
|
10.10 |
|
|
|
|
|
| Exercised |
|
|
(76,418 |
) |
|
|
5.47 |
|
|
|
|
|
| Forfeited |
|
|
(15,125 |
) |
|
|
7.89 |
|
|
|
|
|
| Expired |
|
|
(75,000 |
) |
|
|
4.87 |
|
|
|
|
|
| Outstanding as of
June 30, 2018 |
|
|
1,330,193 |
|
|
$ |
8.47 |
|
|
$ |
5,369,557 |
|
| Vested
and exercisable at June 30, 2018 |
|
|
681,316 |
|
|
$ |
7.67 |
|
|
$ |
3,355,240 |
|
|