Annual report pursuant to Section 13 and 15(d)

Equity Plan

v3.7.0.1
Equity Plan
12 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Equity Plan
18. Equity 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, which totaled $421,000 in fiscal 2017, is included in selling, general and administrative expenses in the Company’s consolidated statement of operations for such fiscal year.  During fiscal 2017, the Company granted a total of 890,576 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 $15.1 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.  As of June 30, 2017, the Company had $14.7 million of total unrecognized compensation expense, net of estimated forfeitures, related to non-vested restricted stock, which is recognized over the weighted-average period of 11.4 years after the respective dates of grant.