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SEC Filings

10-K/A
ACETO CORP filed this Form 10-K/A on 11/09/2017
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ACETO CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

YEARS ENDED JUNE 30, 2017, 2016 AND 2015

(in thousands, except per-share amounts)

 

For the years ended June 30, 2017, 2016 and 2015, the Company recorded stock-based compensation expense of approximately $6,875, $6,697, and $4,494, respectively, which is included in selling, general and administrative expenses, for shares of restricted common stock and restricted stock units.

 

The remaining stock-based compensation expense for restricted stock awards and units is approximately $8,382 at June 30, 2017 and the related weighted average period over which it is expected that such unrecognized compensation cost will be recognized is approximately 1.8 years.

 

A summary of restricted stock awards including restricted stock units as of June 30, 2017, is presented below:

 

   Shares   Weighted
average grant
date fair value
 
Non-vested at beginning of year   795   $20.73 
Granted   501    18.92 
Vested   (396)   17.26 
Forfeited   (103)   21.33 
Non-vested at June 30, 2017   797   $21.24 

 

(11) Interest and Other Income

 

Interest and other income during fiscal 2017, 2016 and 2015 was comprised of the following:

 

   2017   2016   2015 
Dividends  $277   $222   $233 
Interest   264    313    282 
Foreign government subsidies received   64    25    22 
Joint venture equity earnings   2,336    2,060    1,761 
Foreign currency gains (losses)   (298)   56    (1,065)
Deferred compensation plan losses   (257)   (35)   (96)
Rental income   158    154    151 
Miscellaneous income   33    28    198 
   $2,577   $2,823   $1,486 

 

The Company’s joint venture earnings represent the Company’s investment in a corporate joint venture established for the purpose of selling a particular agricultural protection product. The Company’s initial investment was $6 in fiscal 2009, representing a 30% ownership and the Company accounts for this joint venture using the equity method of accounting.

 

(12) Income Taxes

 

The components of income before the provision for income taxes are as follows:

 

   2017   2016   2015 
Domestic operations  $9,555   $43,906   $44,269 
Foreign operations   7,806    9,948    5,589 
   $17,361   $53,854   $49,858 

 

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