Quarterly report pursuant to Section 13 or 15(d)

Equity Incentive Plan

v3.7.0.1
Equity Incentive Plan
9 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Equity Incentive Plan

Note (8) – Equity Incentive Plan: In November 2015, the Company’s stockholders approved the EnviroStar, Inc. 2015 Equity Incentive Plan (the “Plan”). The Plan authorizes the issuance of up to 1,500,000 shares of the Company’s common stock pursuant to awards granted under the Plan. The fair value of awards granted under the Plan is expensed on straight-line basis over the vesting period of the awards. Share-based compensation expense is included in selling, general and administrative expenses in the Company’s condensed consolidated statements of operations. During the nine months ended March 31, 2017, the Company granted a total of 449,974 shares of restricted stock, a portion of which is scheduled to vest ratably over four years and the remainder of which is scheduled to vest in 10 to 24 years. The total grant date fair value of such restricted stock was $6.4 million. The fair value of the restricted stock was determined using the closing price of the Company’s common stock on the applicable grant date. Prior to those grants, the Company had not granted any awards under the Plan.