0000037472-22-000060 | 10-Q | XBRL Viewer

Three Months Ended

September 30,

(in thousands)

Total stock-based compensation expense

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Sep. 30, 2022	Oct. 31, 2022
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Entity File Number	0-5151
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	FLEXSTEEL INDUSTRIES, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	42-0442319
Entity Address, Address Line One	385 BELL STREET
Entity Address, City or Town	DUBUQUE
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	52001-0877
City Area Code	563
Local Phone Number	556-7730
Title of 12(b) Security	Common Stock
Trading Symbol	FLXS
Security Exchange Name	NASDAQ
Entity Central Index Key	0000037472
Current Fiscal Year End Date	--06-30
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,273,390
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 3,971	$ 2,184
Trade receivables - less allowances: September 30, 2022, $2,970, June 30, 2022, $2,980	33,886	41,106
Inventories	121,390	141,212
Other	13,119	4,950
Assets held for sale	616	616
Total current assets	172,982	190,068
NONCURRENT ASSETS:
Property, plant and equipment, net	38,958	38,543
Operating lease right-of-use assets	70,872	38,189
Other assets	1,941	1,941
TOTAL ASSETS	284,753	268,741
CURRENT LIABILITIES:
Accounts payable - trade	21,035	32,147
Current portion of operating lease liabilities	7,993	6,361
Accrued liabilities:
Payroll and related items	4,978	6,385
Insurance	2,183	2,158
Restructuring costs		1,290
Advertising	3,780	4,052
Environmental remediation	9,800	3,570
Other	7,119	8,664
Total current liabilities	56,888	64,627
LONG-TERM LIABILITIES:
Operating lease liabilities, less current maturities	66,218	33,992
Lines of credit	30,030	37,739
Other liabilities	529	823
Total liabilities	153,665	137,181
SHAREHOLDERS' EQUITY:
Common stock - $1 par value; authorized 15,000 shares; 8,226 shares issued and 5,313 outstanding as of September 30, 2022; 8,190 shares issued and 5,300 outstanding as of June 30, 2022	8,226	8,190
Additional paid-in capital	34,906	34,467
Treasury stock, at cost; 2,913 shares, and 2,890 shares as of September 30, 2022, and June 30, 2022, respectively	(66,775)	(66,372)
Retained earnings	154,731	155,275
Total shareholders' equity	131,088	131,560
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 284,753	$ 268,741

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Consolidated Balance Sheets [Abstract]
Trade receivables, allowance for doubtful accounts	$ 2,970	$ 2,980
Common stock, par value	$ 1	$ 1
Common stock, authorized	15,000	15,000
Common stock, issued	8,226	8,190
Common stock, outstanding	5,313	5,300
Treasury stock, shares	2,913	2,890

Consolidated Statements Of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Consolidated Statements Of Income [Abstract]
Net sales	$ 95,684	$ 137,689
Cost of goods sold	80,335	114,279
Gross margin	15,349	23,410
Selling, general and administrative expenses	14,574	18,785
Restructuring expense		152
Other expense	347
Gain on disposal of assets due to restructuring		(1,400)
Operating income (loss)	428	5,873
Other Nonoperating Income (Expense) [Abstract]
Interest expense	321	203
Other expense	2	2
Income before income taxes	105	5,668
Income tax (benefit) provision	(184)	1,315
Net income and comprehensive income	$ 289	$ 4,353
Weighted average number of common shares outstanding:
Basic	5,311	6,834
Diluted	5,467	7,090
Earnings per share of common stock:
Basic	$ 0.05	$ 0.64
Diluted	$ 0.05	$ 0.61

Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands	Total Par Value Of Common Shares [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
Balance, beginning at Jun. 30, 2021	$ 8,133	$ 34,015	$ (31,320)	$ 157,140	$ 167,968
Stock-based compensation	3	1,159			1,162
Vesting of restricted stock units and restricted shares	7	(257)			(250)
Treasury stock purchases			(1,915)		(1,915)
Cash dividends declared				(1,047)	(1,047)
Net income				4,353	4,353
Balance, ending at Sep. 30, 2021	8,143	34,917	(33,235)	160,446	170,271
Balance, beginning at Jun. 30, 2022	8,190	34,467	(66,372)	155,275	131,560
Stock-based compensation	8	817			825
Vesting of restricted stock units and restricted shares	28	(378)			(350)
Treasury stock purchases			(403)		(403)
Cash dividends declared				(833)	(833)
Net income				289	289
Balance, ending at Sep. 30, 2022	$ 8,226	$ 34,906	$ (66,775)	$ 154,731	$ 131,088

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)	Sep. 30, 2021 $ / shares
Total Par Value Of Common Shares [Member]
Common stock, par value	$ 1

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
OPERATING ACTIVITIES:
Net income	$ 289	$ 4,353
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	1,128	1,327
Stock-based compensation expense	825	1,162
Change in provision for losses on accounts receivable	(10)	120
(Gain) on disposal of assets		(1,400)
Changes in operating assets and liabilities:
Trade receivables	7,230	7,620
Inventories	19,823	(32,574)
Other current assets	(8,169)	(1,449)
Other assets		8
Accounts payable - trade	(10,777)	(22,706)
Accrued liabilities	2,949	(726)
Other long-term liabilities	(294)	(50)
Net cash provided by (used in) operating activities	12,994	(44,315)
INVESTING ACTIVITIES:
Proceeds from the sale of capital assets		1,450
Capital expenditures	(1,878)	(821)
Net cash (used in) provided by investing activities	(1,878)	629
FINANCING ACTIVITIES:
Dividends paid	(867)	(1,050)
Treasury stock purchases	(403)	(1,915)
Proceeds from lines of credit	88,058	74,565
Payments on lines of credit	(95,768)	(25,013)
Shares withheld for tax payments on vested restricted shares	(349)	(248)
Net cash (used in) provided by financing activities	(9,329)	46,339
Increase in cash and cash equivalents	1,787	2,653
Cash and cash equivalents at beginning of the period	2,184	1,342
Cash and cash equivalents at end of the period	3,971	3,995
SUPPLEMENTAL INFORMATION
Cash paid for amounts included in lease liabilities	953	1,074
Right-of-use assets exchanged for lease liabilities	34,811
Interest paid	306	157
Income taxes (refunded), net	1,786	741
Capital expenditures in accounts payable		$ (119)
Capital expenditures in accounts payable	$ 57

Summary Of Significant Accounting Policies	3 Months Ended
Summary Of Significant Accounting Policies	Sep. 30, 2022
Summary Of Significant Accounting Policies [Abstract]
Basis Of Presentation And Description Of Business	1. BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS DESCRIPTION OF BUSINESS – Flexsteel Industries, Inc. and Subsidiaries (the “Company” or “Flexsteel” or “Our”) is one of the largest manufacturers, importers, and marketers of furniture products in the United States. Product offerings include a wide variety of furniture such as sofas, loveseats, chairs, reclining and rocker-reclining chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture and outdoor furniture. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which the name “Flexsteel” is derived. The Company distributes its products throughout the United States through its e-commerce channel and dealer sales force. BASIS OF PRESENTATION – The unaudited Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information contained in the Consolidated Financial Statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such Consolidated Financial Statements. Operating results for the three months ended September 30, 2022, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2023. Certain information and footnote disclosures normally included in the Consolidated Financial Statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Except to the extent updated or described below, the significant accounting policies in Note 1 to the Consolidated Financial ‎Statements in the Company’s Annual Report on Form 10-K for the year ended June 30, 2022, appropriately represent, in all material respects, the current status of accounting policies.

Inventories

3 Months Ended

Sep. 30, 2022

Inventories [Abstract]

Inventories

2. INVENTORIES

A comparison of inventories is as follows:



	September 30,		June 30,
(in thousands)	2022		2022
Raw materials	$	15,204	$	16,405
Work in process and finished parts		4,753		5,534
Finished goods		101,433		119,273
Total	$	121,390	$	141,212

Assets Held For Sale

3 Months Ended

Sep. 30, 2022

Assets Held For Sale [Abstract]

Assets Held For Sale

3. ASSETS HELD FOR SALE

During the fiscal year 2020, the Company committed to a plan to sell assets located at the Company’s Starkville, Mississippi location as part of the Company’s restructuring plan, see Note 5 Restructuring. As of September 30, 2022, the Company continues to actively market the assets in Starkville, Mississippi. A summary of the assets held for sale as of September 30, 2022, is included in the table below.



				Accumulated		Net Book
Location	Asset Category	Cost		Depreciation		Value
(in thousands)
Starkville, Mississippi	Building & building improvements		4,615		(4,254)		361
	Land & land improvements		694		(439)		255
	Total assets held for sale	$	5,309	$	(4,693)	$	616

Leases

3 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

4. LEASES

The Company accounts for its leases in accordance with ASU No. 2016-02, Leases (Topic 842) (“ASC 842”). ASC 842 requires lessees to (i) recognize a right-of-use asset (“ROU asset”) and a lease liability that is measured at the present value of the remaining lease payments on the Consolidated Balance Sheets, (ii) recognize a single lease cost, calculated over the lease term on a straight-line basis and (iii) classify lease-related cash payments within operating and financing activities. The Company has made an accounting policy election to not recognize short-term leases on the Consolidated Balance Sheets and all non-lease components, such as common area maintenance, were excluded. At any given time during the lease term, the lease liability represents the present value of the remaining lease payments, and the ROU asset is measured as the amount of the lease liability, adjusted for pre-paid rent, unamortized initial direct

costs, and the remaining balance of lease incentives received. Both the lease ROU asset and liability are reduced to zero at the end of the lease term.

The Company leases distribution centers and warehouses, manufacturing facilities, showrooms, and office space. At the lease inception date, the Company determines if an arrangement is, or contains a lease. Some of the Company’s leases include options to renew at similar terms. The Company assesses these options to determine if the Company is reasonably certain of exercising these options based on relevant economic and financial factors. Options that meet these criteria are included in the lease term at the lease commencement date.

For purposes of measuring the Company’s ROU asset and lease liability, the discount rate utilized by the Company was based on the average interest rates effective for the Company’s line of credit. Some of the Company’s leases contain variable rent payments, including common area maintenance and utilities. Due to the variable nature of these costs, they are not included in the measurement of the ROU asset and lease liability.

On August 20, 2021, Flexsteel entered into a lease agreement for the construction of a 507,830 square foot manufacturing facility in Mexicali, Mexico. The lease commencement date under ASC 842 guidance was on July 1, 2022, the date the lessor made the building available for use by the Company for purposes of completing any leasehold improvements required by the Company prior to beginning operations. The 12-year lease term began on August 1, 2022, and ends on June 30, 2034, with options for two five-year extensions. Annual base rent under the lease is $3.2 million plus taxes, insurance and common area maintenance costs.

The components of the Company’s leases reflected on the Company’s Consolidated Statements of Income were as follows:



	Three Months Ended
	September 30,
(in thousands)	2022		2021
Operating lease expense	$	2,666	$	1,389
Variable lease expense		418		75
Total lease expense	$	3,084	$	1,464

Other information related to leases and future minimum lease payments under non-cancellable operating leases were as follows:



	Three Months Ended
	September 30, 2022		September 30, 2021
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	953	$	1,074

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	34,811	$	—

Weighted-average remaining lease term (in years):
Operating leases		5.3		3.8

Weighted-average discount rate:
Operating leases		3.2%		2.9%

Future minimum lease payments under non-cancellable operating leases were as follows:


	Three Months Ended
	September 30, 2022		September 30, 2021
(in thousands)
Within one year	$	10,106	$	6,591
After one year and within two years		9,495		5,517
After two years and within three years		7,650		4,563
After three years and within four years		7,613		2,620
After four years and within five years		7,769		2,469
After five years		42,971		11,273
Total future minimum lease payments	$	85,604	$	33,033
Less – Discount		11,393		3,957
Lease liability	$	74,211	$	29,076

Restructuring

3 Months Ended

Sep. 30, 2022

Restructuring [Abstract]

Restructuring

5. RESTRUCTURING

On May 15, 2019, the Company announced its plans to exit the Commercial Office and custom-designed Hospitality product lines. The changes were initial outcomes driven by customer and product line profitability and footprint utilization analyses in the fourth quarter of fiscal 2019.

On June 18, 2019, the Company announced it completed the analysis and planning process and set forth the comprehensive transformation program to be executed over a two-year period, which included the previously announced restructuring activities on May 15, 2019. The transformation program included activities such as business simplification, process improvement, exiting of non-core businesses, facility closures, and reductions in the workforce. The Company has substantially completed the portion of the restructuring activities related to the exit of the Commercial Office and custom-designed Hospitality product lines.

On April 28, 2020, the Company announced the exit of Vehicle Seating, and the remainder of the Hospitality product lines, and subsequently closed its Dubuque, Iowa and Starkville, Mississippi manufacturing facilities. The Company substantially completed the restructuring activities related to the exit of Vehicle Seating and the remainder of the Hospitality product lines during fiscal 2021.

These actions are now complete, with one property remaining as held for sale as discussed in Note 3, Assets Held for Sale. The Company has incurred $59.4 million of expenses related to this restructuring program over the two-year timeframe as of June 30, 2022 and does not anticipate any further charges.

The following is a summary of restructuring costs:



	Three Months Ended
(in thousands)	September 30, 2022		September 30, 2021
Other associated costs	$	—	$	152
Total restructuring and related expenses	$	—	$	152
Reported as:
Operating expenses	$	—	$	152

Other associated costs include legal and professional fees as well as facilities and transition costs. During the quarter ended September 30, 2022, the Company paid all remaining expenses related to the restructuring program.

The roll-forward of the accrued restructuring costs is as follows:



	One-time
	Employee		Other
	Termination		Associated
(in thousands)	Benefits		Costs		Total
Accrual balance on June 30, 2022	$	1,275	$	15	$	1,290
(Income) costs incurred		—		—		—
Expenses reimbursed (paid)		(1,275)		(15)		(1,290)
Accrual balance on September 30, 2022	$	—	$	—	$	—

Credit Arrangements

3 Months Ended

Sep. 30, 2022

Credit Arrangements [Abstract]

Credit Arrangements

6. CREDIT ARRANGEMENTS

On August 28, 2020, the Company entered a two-year secured $25.0 million revolving line of credit with Dubuque Bank and Trust Company, with an interest rate of 1.50% plus LIBOR, subject to a floor of 3.00%. The revolving line of credit was secured by essentially all the Company’s assets, excluding real property, and required the Company to maintain compliance with certain financial and non-financial covenants. This line of credit was subsequently canceled in the first quarter of the fiscal year 2022.

On September 8, 2021, the Company, as the borrower, entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association (the “Lender”), and the other lenders party thereto. The Credit Agreement has a five-year term and provides for up to an $85 million revolving line of credit. Subject to certain conditions, the Credit Agreement also provides for the issuance of letters of credit in an aggregate amount up to $5 million which, upon issuance, would be deemed advances under the revolving line of credit. The Company’s $1.1 million letters of credit previously issued by the Lender are being treated as outstanding under the Credit Agreement and reduce the amount of available borrowings under the revolving line of credit. Proceeds of borrowings were used to refinance all indebtedness owed to Dubuque Bank & Trust and for working capital purposes. The Company’s obligations under the Credit Agreement are secured by substantially all its assets, excluding real property. Subject to certain conditions, borrowings under the Credit Agreement bear interest at LIBOR plus 1.25% or 1.50% per annum, or an effective interest rate of 4.4% on September 30, 2022. When LIBOR becomes unavailable, the replacement rate will be determined pursuant to the terms of the Credit Agreement. The Credit Agreement contains customary representations, warranties, and covenants, including a financial covenant to maintain a fixed coverage ratio of not less than 1.00 to 1.00. In addition, the Loan Agreement places restrictions on the Company’s ability to incur additional indebtedness, to create liens or other encumbrances, to sell or otherwise dispose of assets, and to merge or consolidate with other entities.

On April 18, 2022, the Company, as the borrower, entered into a first amendment to the September 8, 2021, Credit Agreement (“First Amendment to the Credit Agreement”), with the Lender and the lenders thereto. The amendment to the Credit Agreement changed the definition of the term ‘Payment Conditions’ and further defines “default” or “event of default” and the calculation of the Fixed Charge Coverage Ratio.

As of September 30, 2022, there was $30.0 million outstanding under the Credit Agreement, exclusive of fees and letters of credit.

Letters of credit outstanding at the Lender as of September 30, 2022, totaled $1.1 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2022
Income Taxes [Abstract]
Income Taxes	7. INCOME TAXES The provision for income taxes for the interim periods is based on an estimate of the Company’s annual effective tax rate adjusted to reflect the impact of discrete items. Management judgment is required in projecting ordinary income to estimate the Company’s annual effective tax rate. The Company’s effective tax rate for the quarters ended September 30, 2022, and September 30, 2021, was (175.5%) and 23.2%, respectively. The effective tax rate for the quarter ended September 30, 2022 was primarily impacted by adjustments related to uncertain tax positions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Stock-Based Compensation

3 Months Ended

Sep. 30, 2022

Stock-Based Compensation [Abstract]

Stock-Based Compensation

8. STOCK-BASED COMPENSATION

The Company accounts for its stock-based compensation plans in accordance with ASC 718, Stock Compensation, which requires the Company to measure all share-based payments at grant date fair value and recognize the cost over the requisite service period. Restricted shares and restricted stock units (“RSUs”) generally vest over 1 to 3 years. Stock options are granted at an exercise price equal to the fair value of the Company’s common stock price at the grant date and are exercisable for up to 10 years upon vesting. Stock-based compensation is included in selling, general and administrative expenses on the Consolidated Statements of Income and Comprehensive Income. Forfeitures are recognized as incurred.

The following table is a summary of total stock-based compensation expenses for the three months ended September 30, 2022.

The Company has two stock-based compensation plans available for granting awards to employees and directors.

(1) Long-Term Incentive Compensation Plan (“LTIP”)

The LTIP provides for performance stock units (“PSUs”) to be awarded to officers and key employees based on performance goals set by the Compensation Committee of the Board of Directors (the “Committee”). For awards under the LTIP for the

three years ending June 30, 2023, 2024, and 2025, participants may earn one-third of the award in each of the three years based on meeting performance goals for that year. The Committee selected Adjusted Earnings Before Interest and Tax based on a defined percentage growth in fiscal years 2023, 2024, and 2025 as the performance metric. In conjunction with each grant of PSUs, the Committee grants RSUs under the 2013 Omnibus Stock Plan that vest at the end of three years.

The table below sets forth, as of September 30, 2022, the number of unvested PSUs granted at the target performance level for the 2021-2023, 2022-2024 and 2023-2025 performance periods under the LTIP and the number of unvested RSUs granted in conjunction with the PSUs:


	Time-Based Vest (RSUs)			Performance-Based Vest (PSUs)			Total
		Weighted Average			Weighted Average			Weighted Average
		Fair Value			Fair Value			Fair Value
(shares in thousands)	Shares	Per Share		Shares	Per Share		Shares	Per Share
Unvested as of June 30, 2022	86	$	19.53	174	$	18.87	260	$	19.09
Granted	63		19.27	91		19.27	154		19.27
Vested	—		—	(44)		17.23	(44)		17.23
Forfeited	(1)		26.19	(1)		26.19	(2)		26.19
Unvested as of September 30, 2022	148	$	19.40	220	$	19.27	368	$	19.32

Total unrecognized stock-based compensation related to the unvested PSUs at the target performance level and the related unvested RSUs was $3.7 million as of September 30, 2022, which is expected to be recognized over a weighted-average period of 1.7 years.

(2) 2013 Omnibus Stock Plan

The 2013 Omnibus Stock Plan is for key employees, officers and directors and provides for the granting of incentive and nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, and performance units.

Restricted shares and RSUs

A summary of the activity in the Company’s unvested restricted shares and unvested RSUs (not granted in conjunction with PSUs) during the three months ended September 30, 2022, is as follows:



		Weighted Average
	Shares	Fair Value
	(in thousands)	Per Share
Unvested as of June 20, 2022	35	$	26.72
Granted	55		19.17
Vested	(7)		27.21
Forfeited	(1)		19.77
Unvested as of September 30, 2022	82	$	21.72

Total unrecognized stock-based compensation related to unvested restricted shares and unvested RSUs (not granted in conjunction with the PSUs) was $1.2 million as of September 30, 2022, which is expected to be recognized over a weighted-average period of 1.4 years.

Options

A summary of the activity of the Company’s stock option plans as of September 30, 2022, is presented below:



		Weighted
	Shares	Average
	(in thousands)	Exercise Price
Outstanding at June 30, 2022	215	$	21.50
Granted	—		—
Exercised	—		—
Canceled	(1)		37.49
Outstanding at September 30, 2022	214	$	21.43

The following table summarizes information for options outstanding at September 30, 2022:



		Options	Weighted Average
Range of		Outstanding	Remaining	Exercise
Prices		(in thousands)	Life (Years)	Price
$	9.97 - 15.14	97	7.4	$	12.64
	18.30 - 19.72	12	4.6		18.99
	21.96 - 27.57	57	4.6		24.19
	31.06 - 32.80	32	3.1		32.30
	43.09 - 47.45	16	4.1		45.44
$	9.97 - 47.45	214	5.6	$	21.43

The total unrecognized stock-based compensation expense related to options was $0.05 million as of September 30, 2022, which is expected to be recognized over a weighted-average period of 0.5 years.

Stock-based compensation granted outside a plan

During the quarter ended June 30, 2020, the Company awarded its Chief Financial Officer/Chief Operating Officer 79,000 options outside of any Company stock plans. All 79,000 options remain outstanding as of September 30, 2022, with an exercise price of $9.97 and a remaining life of 7.5 years. The total unrecognized stock-based compensation expense related to options awarded outside a plan was $0.01 million as of September 30, 2022, which is expected to be recognized over a weighted-average period of 0.5 years.

During the quarter ended December 31, 2018, the Company awarded its Chief Executive Officer 55,000 options outside of any Company stock plans. All 55,000 options remain outstanding as of September 30, 2022, with an exercise price of $21.96 and a remaining life of 6.2 years. There is no remaining unrecognized stock-based compensation expense related to these options.

Earnings Per Share

3 Months Ended

Sep. 30, 2022

Earnings (loss) per share:

Earnings Per Share

9. EARNINGS PER SHARE

Basic earnings per share (EPS) of common stock are based on the weighted-average number of common shares outstanding during each period. Diluted earnings per share of common stock include the dilutive effect of potential common shares outstanding. The Company’s potential common shares outstanding are stock options, shares associated with the Long-Term Incentive Compensation Plan, and non-vested restricted stock units and restricted shares. The Company calculates the dilutive effect of outstanding options, restricted stock units, and restricted shares using the treasury stock method. Anti-dilutive options are not included in the computation of diluted EPS when their exercise price is greater than the average closing market price of the common shares.



	Three Months Ended
	September 30,
(in thousands)	2022		2021
Basic shares		5,311		6,834
Potential common shares:
Stock options		58		163
Non-vested restricted stock units and restricted shares		98		93
		156		256
Diluted shares		5,467		7,090

Anti-dilutive shares		173		16

Cash dividends declared per common share were $0.15 and $0.15 for the three months ended September 30, 2022, and September 30, 2021, respectively.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and contingencies [Abstract]
Litigation	10. COMMITMENTS AND CONTINGENCIES Environmental Matters – In March 2016, the Company received a General Notice Letter for the Lane Street Groundwater Superfund Site (the “Lane Street Site”) located in Elkhart, Indiana from the U.S. Environmental Protection Agency (EPA). In April 2016, the EPA issued their proposed clean-up plan for groundwater pollution and request for public comment. The Company responded to the request for public comment in May 2016. The EPA issued a Record of Decision selecting a remedy in August 2016 and estimated total costs to remediate of $3.6 million. In July 2017, the EPA issued a Special Notice Letter to the Company demanding that the Company perform the remedy selected and pay for the remediation cost and past response costs of $5.5 million. On October 12, 2017, the Company, after consultation with its insurance carriers, offered an amount, fully reimbursable by insurance coverage, to the EPA to resolve this matter. On November 6, 2017, the settlement offer extended on October 12, 2017, was rejected. In April 2018, the EPA issued a Unilateral Administrative Order for Remedial Design and Remedial Action (the “Order”) against the Company. The Order was issued under Section 106(a) of the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), 42 U.S.C. §9606(a). The Order directs the Company to perform remedial design and remedial action for the Lane Street Site. The Order was to be effective May 29, 2018. To ensure completion of the remediation work, the EPA required the Company to secure financial assurance in the initial amount of $3.6 million, which as noted above, is the estimated cost of remedial work. The Company believes that financial assurance is not required because it meets the relevant financial test criteria as provided in the Order. In May 2018, the EPA agreed to suspend enforcement of the Order so that the Company could conduct environmental testing upgradient to its former manufacturing location pursuant to an Administrative Order on Consent (AOC). On April 24, 2019, the Company signed an AOC with the EPA to conduct the upgradient investigation. The Company negotiated site access to the upgradient property over a period of months in 2019, followed by completion of sampling activities on that property on September 28-29, 2019. Following multiple exchanges from November 2019 through early 2020, the Company submitted a final and supplemental report to the EPA regarding the results of the upgradient investigation on June 17, 2020. Despite the Company’s position that it did not cause or contribute to the contamination, the Company reached a settlement with the EPA and the State of Indiana, which was filed as a consent decree in the U.S. District Court for the Northern District of Indiana on October 24, 2022. The consent decree requires Flexsteel to pay $9.8 million in resolution of the matter, upon the conclusion of a public comment period and final court approval. Accordingly, the Company has reflected a $9.8 million liability in the Consolidated Balance Sheets on September 30, 2022. This represents an increase to the liability of $6.2 million for the three months ended September 30, 2022. Flexsteel has also reached agreements with its insurance carriers for partial reimbursement of the settlement. As a result, for the three months ended September 30, 2022, the Company has also recorded a receivable of $6.2 million which is included in Other current assets in the Consolidated Balance Sheets on September 30, 2022. Employment Matters - On March 22, 2021, the Company received notice of a class action lawsuit filed against Flexsteel Industries, Inc., and J.K. Dittmer and D.P. Schmidt as individuals, by a number of employees who had worked at the Dubuque Operations and Starkville plants prior to the closure of the locations due to the impact of COVID-19 on the business at that period of time. The allegations with the claim include failure to pay employee benefits as required by an ERISA-governed severance plan, failure of J.K. Dittmer and D.P. Schmidt to act with respect to the ERISA-governed severance plan, and failure to provide 60-days’ notice or the equivalent amount of pay to the employees required by the WARN Act when the Company closed the Dubuque and Starkville locations. The parties participated in a lengthy mediation and on December 3, 2021, agreed to resolve the matter for $1.3 million. The matter was dismissed with prejudice on September 1, 2022. The Company paid $1.3 million during the three months ended September 30, 2022, see Note 5 Restructuring. Other Proceedings – From time to time, the Company is subject to various other legal proceedings, including lawsuits, which arise out of, and are incidental to, the conduct of the Company’s business. The Company does not consider any of such other proceedings that are currently pending, individually or in the aggregate, to be material to its business or likely to result in a material effect on its consolidated operating results, financial condition, or cash flows.

Summary Of Significant Accounting Policies (Policies)	3 Months Ended
Summary Of Significant Accounting Policies (Policies)	Sep. 30, 2022
Summary Of Significant Accounting Policies [Abstract]
Description Of Business	DESCRIPTION OF BUSINESS – Flexsteel Industries, Inc. and Subsidiaries (the “Company” or “Flexsteel” or “Our”) is one of the largest manufacturers, importers, and marketers of furniture products in the United States. Product offerings include a wide variety of furniture such as sofas, loveseats, chairs, reclining and rocker-reclining chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture and outdoor furniture. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which the name “Flexsteel” is derived. The Company distributes its products throughout the United States through its e-commerce channel and dealer sales force.
Basis Of Presentation	BASIS OF PRESENTATION – The unaudited Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information contained in the Consolidated Financial Statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such Consolidated Financial Statements. Operating results for the three months ended September 30, 2022, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2023. Certain information and footnote disclosures normally included in the Consolidated Financial Statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Except to the extent updated or described below, the significant accounting policies in Note 1 to the Consolidated Financial ‎Statements in the Company’s Annual Report on Form 10-K for the year ended June 30, 2022, appropriately represent, in all material respects, the current status of accounting policies.

Inventories (Tables)

3 Months Ended

Sep. 30, 2022

Inventories [Abstract]

Comparison Of Inventories



	September 30,		June 30,
(in thousands)	2022		2022
Raw materials	$	15,204	$	16,405
Work in process and finished parts		4,753		5,534
Finished goods		101,433		119,273
Total	$	121,390	$	141,212

Assets Held For Sale (Tables)

3 Months Ended

Sep. 30, 2022

Assets Held For Sale [Abstract]

Summary Of Assets Held For Sale



				Accumulated		Net Book
Location	Asset Category	Cost		Depreciation		Value
(in thousands)
Starkville, Mississippi	Building & building improvements		4,615		(4,254)		361
	Land & land improvements		694		(439)		255
	Total assets held for sale	$	5,309	$	(4,693)	$	616

Leases (Tables)

3 Months Ended

Sep. 30, 2022

Leases [Abstract]

Components Of Leases



	Three Months Ended
	September 30,
(in thousands)	2022		2021
Operating lease expense	$	2,666	$	1,389
Variable lease expense		418		75
Total lease expense	$	3,084	$	1,464

Other information related to leases and future minimum lease payments under non-cancellable operating leases



	Three Months Ended
	September 30, 2022		September 30, 2021
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	953	$	1,074

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	34,811	$	—

Weighted-average remaining lease term (in years):
Operating leases		5.3		3.8

Weighted-average discount rate:
Operating leases		3.2%		2.9%

Future minimum lease payments under non-cancellable operating leases


	Three Months Ended
	September 30, 2022		September 30, 2021
(in thousands)
Within one year	$	10,106	$	6,591
After one year and within two years		9,495		5,517
After two years and within three years		7,650		4,563
After three years and within four years		7,613		2,620
After four years and within five years		7,769		2,469
After five years		42,971		11,273
Total future minimum lease payments	$	85,604	$	33,033
Less – Discount		11,393		3,957
Lease liability	$	74,211	$	29,076

Restructuring (Tables)

3 Months Ended

Sep. 30, 2022

Restructuring [Abstract]

Summary Of Restructuring Costs



	Three Months Ended
(in thousands)	September 30, 2022		September 30, 2021
Other associated costs	$	—	$	152
Total restructuring and related expenses	$	—	$	152
Reported as:
Operating expenses	$	—	$	152

Roll-forward of the accrued restructuring costs



	One-time
	Employee		Other
	Termination		Associated
(in thousands)	Benefits		Costs		Total
Accrual balance on June 30, 2022	$	1,275	$	15	$	1,290
(Income) costs incurred		—		—		—
Expenses reimbursed (paid)		(1,275)		(15)		(1,290)
Accrual balance on September 30, 2022	$	—	$	—	$	—

Stock-Based Compensation (Tables)

3 Months Ended

Sep. 30, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary Of Total Stock-Based Compensation Expense

Schedule Of Stock Option Plans



		Weighted
	Shares	Average
	(in thousands)	Exercise Price
Outstanding at June 30, 2022	215	$	21.50
Granted	—		—
Exercised	—		—
Canceled	(1)		37.49
Outstanding at September 30, 2022	214	$	21.43

Schedule Of Options Outstanding And Exercisable



		Options	Weighted Average
Range of		Outstanding	Remaining	Exercise
Prices		(in thousands)	Life (Years)	Price
$	9.97 - 15.14	97	7.4	$	12.64
	18.30 - 19.72	12	4.6		18.99
	21.96 - 27.57	57	4.6		24.19
	31.06 - 32.80	32	3.1		32.30
	43.09 - 47.45	16	4.1		45.44
$	9.97 - 47.45	214	5.6	$	21.43

Restricted Shares And RSUs [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule Of Unvested Shares



		Weighted Average
	Shares	Fair Value
	(in thousands)	Per Share
Unvested as of June 20, 2022	35	$	26.72
Granted	55		19.17
Vested	(7)		27.21
Forfeited	(1)		19.77
Unvested as of September 30, 2022	82	$	21.72

Long-Term Incentive Compensation Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule Of Unvested Shares


	Time-Based Vest (RSUs)			Performance-Based Vest (PSUs)			Total
		Weighted Average			Weighted Average			Weighted Average
		Fair Value			Fair Value			Fair Value
(shares in thousands)	Shares	Per Share		Shares	Per Share		Shares	Per Share
Unvested as of June 30, 2022	86	$	19.53	174	$	18.87	260	$	19.09
Granted	63		19.27	91		19.27	154		19.27
Vested	—		—	(44)		17.23	(44)		17.23
Forfeited	(1)		26.19	(1)		26.19	(2)		26.19
Unvested as of September 30, 2022	148	$	19.40	220	$	19.27	368	$	19.32

Earnings Per Share (Tables)

3 Months Ended

Sep. 30, 2022

Earnings (loss) per share:

Schedule Of Earnings Per Share, Basic And Diluted



	Three Months Ended
	September 30,
(in thousands)	2022		2021
Basic shares		5,311		6,834
Potential common shares:
Stock options		58		163
Non-vested restricted stock units and restricted shares		98		93
		156		256
Diluted shares		5,467		7,090

Anti-dilutive shares		173		16

Inventories (Comparison Of Inventories) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Inventories [Abstract]
Raw materials	$ 15,204	$ 16,405
Work in process and finished parts	4,753	5,534
Finished goods	101,433	119,273
Total	$ 121,390	$ 141,212

Assets Held For Sale (Summary Of Assets Held For Sale) (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] $ in Thousands	Sep. 30, 2022 USD ($)
Long Lived Assets Held-for-sale [Line Items]
Cost	$ 5,309
Accumulated Depreciation	(4,693)
Net Book Value	616
Buildings and improvements [Member] \| Starkville, Mississippi [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	4,615
Accumulated Depreciation	(4,254)
Net Book Value	361
Land and Land Improvements [Member] \| Starkville, Mississippi [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	694
Accumulated Depreciation	(439)
Net Book Value	$ 255

Leases (Narrative) (Details) $ in Millions	3 Months Ended
Leases (Narrative) (Details) $ in Millions	Sep. 30, 2022 USD ($)	Aug. 20, 2022 ft²	Jul. 01, 2022
Short-term Debt [Line Items]
Lessee, Operating Lease, Term of Contract			12 years
Lessee, Operating Lease, Option to Extend	options for two five-year extensions
Mexicali, Mexico [Member]
Short-term Debt [Line Items]
Area of Real Estate Property \| ft²		507,830
Annual base rent \| $	$ 3.2

Leases (Components Of Leases) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease expense	$ 2,666	$ 1,389
Variable lease expense	418	75
Total lease expense	$ 3,084	$ 1,464

Leases (Other Lease Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 953	$ 1,074
Right-of-use assets obtained in exchange for lease liabilities: Operating leases	$ 34,811
Weighted-average remaining lease term (in years): Operating leases	5 years 3 months 18 days	3 years 9 months 18 days
Weighted-average discount rate: Operating leases	3.20%	2.90%

Leases (Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Within one year	$ 10,106	$ 6,591
After one year and within two years	9,495	5,517
After two years and within three years	7,650	4,563
After three years and within four years	7,613	2,620
After four years and within five years	7,769	2,469
After five years	42,971	11,273
Total future minimum lease payments	85,604	33,033
Less - Discount	11,393	3,957
Lease liability	$ 74,211	$ 29,076

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs			$ 1,290
Restructuring Charges		$ 152
Commercial Office And Custom-Designed Hospitality Product Lines [Member]
Restructuring Cost and Reserve [Line Items]
Period of transformation program execution	2 years
Restructuring Charges			59,400
One-time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs			$ 1,275

Restructuring (Summary Of Restructuring Costs) (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 152
Operating Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	152
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 152

Restructuring (Roll Forward of Accrued Restructuring Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance	$ 1,290
Costs incurred		$ 152
Expenses reimbursed (paid)	(1,290)
One-time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance	1,275
Expenses reimbursed (paid)	(1,275)
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance	15
Costs incurred		$ 152
Expenses reimbursed (paid)	$ (15)

Credit Arrangements (Narrative) (Details) $ in Millions			3 Months Ended
Credit Arrangements (Narrative) (Details) $ in Millions	Sep. 08, 2021 USD ($)	Aug. 20, 2020 USD ($)	Sep. 30, 2022 USD ($)
Short-term Debt [Line Items]
Letters of credit outstanding			$ 1.1
Credit Agreement [Member] \| Wells Fargo Bank N.A. [Member]
Short-term Debt [Line Items]
Interest rate	1.50%
Basis spread on interest rate	1.25%
Line of credit outstanding			$ 30.0
Effective interest rate			4.40%
Debt term	5 years
Letters of credit outstanding	$ 1.1
Fixed coverage ratio			1.00
Credit Agreement [Member] \| Wells Fargo Bank N.A. [Member] \| Maximum [Member]
Short-term Debt [Line Items]
Credit agreement capacity	85.0
Credit Agreement [Member] \| Wells Fargo Bank N.A. [Member] \| Letter Of Credit [Member]
Short-term Debt [Line Items]
Credit agreement capacity	$ 5.0
Secured Credit Agreement [Member] \| Dubuque Bank and Trust Company [Member]
Short-term Debt [Line Items]
Credit agreement capacity		$ 25.0
Debt term		2 years
Secured Credit Agreement [Member] \| Dubuque Bank and Trust Company [Member] \| Libor Plus [Member]
Short-term Debt [Line Items]
Basis spread on interest rate		1.50%
Secured Credit Agreement [Member] \| Dubuque Bank and Trust Company [Member] \| Floor Rate [Member]
Short-term Debt [Line Items]
Basis spread on interest rate		3.00%

Income Taxes (Narrative) (Details)	3 Months Ended
Income Taxes (Narrative) (Details)	Sep. 30, 2022	Sep. 30, 2021
Income Taxes [Abstract]
Effective federal statutory income tax rate		23.20%
Effective rates due to the release of a portion of the prior year’s uncertain tax positions	(175.50%)

Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2022 USD ($) item $ / shares shares	Sep. 30, 2021 USD ($)	Jun. 30, 2020 shares	Dec. 31, 2018 shares	Jun. 30, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense \| $	$ 825	$ 1,162
Number of plans \| item	2
Options remain outstanding \| shares	214,000				215,000
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation, expected period	6 months
Total unrecognized stock-based compensation expense related to options \| $	$ 50
Restricted Shares And RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation related to unvested shares \| $	$ 1,200
Total unrecognized stock-based compensation, expected period	1 year 4 months 24 days
2023, 2024, and 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for performance awards, years	3 years
2023, 2024, and 2025 [Member] \| Scenario, Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award	33.00%
Long-Term Incentive Compensation Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation related to unvested shares \| $	$ 3,700
Total unrecognized stock-based compensation, expected period	1 year 8 months 12 days
Stock Option Plans [Member] \| Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period options are exercisable	10 years
Omnibus Stock Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Stock-based Compensation Outside A Plan [Member] \| Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under stock option plans \| shares				55,000
Weighted average exercise price of options \| $ / shares	$ 21.96
Total unrecognized stock-based compensation, expected period	6 months
Remaining life	6 years 2 months 12 days
Options remain outstanding \| shares	55,000
Stock-based Compensation Outside A Plan [Member] \| Chief Financial Officer/Chief Operating Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under stock option plans \| shares			79,000
Weighted average exercise price of options \| $ / shares	$ 9.97
Total unrecognized stock-based compensation related to unvested shares \| $	$ 10
Remaining life	7 years 6 months
Options remain outstanding \| shares	79,000
Minimum [Member] \| Restricted Shares And RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	1 year
Maximum [Member] \| Restricted Shares And RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years

Stock-Based Compensation (Summary Of Total Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Stock-Based Compensation [Abstract]
Total stock-based compensation expense	$ 825	$ 1,162

Stock-Based Compensation (Schedule Of Unvested Shares - Long-Term Incentive Compensation Plan RSUs) (Details) - Long-Term Incentive Compensation Plan [Member] shares in Thousands	3 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares \| shares	260
Granted, Shares \| shares	154
Vested, Shares \| shares	(44)
Forfeited, Shares \| shares	(2)
Unvested at the end of period, Shares \| shares	368
Unvested at the beginning of period, Weighted average fair value per share \| $ / shares	$ 19.09
Granted, Weighted average fair value per share \| $ / shares	19.27
Vested, Weighted average fair value per share \| $ / shares	17.23
Forfeited, Weighted average fair value per share \| $ / shares	26.19
Unvested at the end of period, Weighted average fair value \| $ / shares	$ 19.32
Time Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares \| shares	86
Granted, Shares \| shares	63
Forfeited, Shares \| shares	(1)
Unvested at the end of period, Shares \| shares	148
Unvested at the beginning of period, Weighted average fair value per share \| $ / shares	$ 19.53
Granted, Weighted average fair value per share \| $ / shares	19.27
Forfeited, Weighted average fair value per share \| $ / shares	26.19
Unvested at the end of period, Weighted average fair value \| $ / shares	$ 19.40
Performance Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares \| shares	174
Granted, Shares \| shares	91
Vested, Shares \| shares	(44)
Forfeited, Shares \| shares	(1)
Unvested at the end of period, Shares \| shares	220
Unvested at the beginning of period, Weighted average fair value per share \| $ / shares	$ 18.87
Granted, Weighted average fair value per share \| $ / shares	19.27
Vested, Weighted average fair value per share \| $ / shares	17.23
Forfeited, Weighted average fair value per share \| $ / shares	26.19
Unvested at the end of period, Weighted average fair value \| $ / shares	$ 19.27

Stock-Based Compensation (Schedule Of Unvested Shares - Restricted Shares And RSUs) (Details) - Restricted Shares And RSUs [Member] shares in Thousands	3 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares \| shares	35
Granted, Shares \| shares	55
Vested, Shares \| shares	(7)
Forfeited, Shares \| shares	(1)
Unvested at the end of period, Shares \| shares	82
Unvested at the beginning of period, Weighted average fair value per share \| $ / shares	$ 26.72
Granted, Weighted average fair value per share \| $ / shares	19.17
Vested, Weighted average fair value per share \| $ / shares	27.21
Forfeited, Weighted average fair value per share \| $ / shares	19.77
Unvested at the end of period, Weighted average fair value \| $ / shares	$ 21.72

Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) shares in Thousands	3 Months Ended
	Sep. 30, 2022 $ / shares shares
Stock-Based Compensation [Abstract]
Shares, Outstanding at beginning balance \| shares	215
Shares, Cancelled \| shares	(1)
Shares, Outstanding at ending balance \| shares	214
Weighted Average Exercise Price, Outstanding at beginning balance \| $ / shares	$ 21.50
Weighted Average Exercise Price, Cancelled \| $ / shares	37.49
Weighted Average Exercise Price, Outstanding at ending balance \| $ / shares	$ 21.43

Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands	3 Months Ended
	Sep. 30, 2022 $ / shares shares
9.97 - 15.14 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	$ 9.97
Range of Price Upper	$ 15.14
Options Outstanding \| shares	97
Weighted Average Remaining Life (Years)	7 years 4 months 24 days
Weighted Average, Exercise Price	$ 12.64
18.30 - 19.72 Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	18.30
Range of Price Upper	$ 19.72
Options Outstanding \| shares	12
Weighted Average Remaining Life (Years)	4 years 7 months 6 days
Weighted Average, Exercise Price	$ 18.99
21.96 - 27.57 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	21.96
Range of Price Upper	$ 27.57
Options Outstanding \| shares	57
Weighted Average Remaining Life (Years)	4 years 7 months 6 days
Weighted Average, Exercise Price	$ 24.19
31.06 - 32.80 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	31.06
Range of Price Upper	$ 32.80
Options Outstanding \| shares	32
Weighted Average Remaining Life (Years)	3 years 1 month 6 days
Weighted Average, Exercise Price	$ 32.30
43.09 - 47.45 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	43.09
Range of Price Upper	$ 47.45
Options Outstanding \| shares	16
Weighted Average Remaining Life (Years)	4 years 1 month 6 days
Weighted Average, Exercise Price	$ 45.44
9.97 - 47.45 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	9.97
Range of Price Upper	$ 47.45
Options Outstanding \| shares	214
Weighted Average Remaining Life (Years)	5 years 7 months 6 days
Weighted Average, Exercise Price	$ 21.43

Earnings Per Share (Narrative) (Details)	3 Months Ended
Earnings Per Share (Narrative) (Details)	Sep. 30, 2022 $ / shares
Earnings (loss) per share:
Dividends declared per common share	$ 0.15

Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Earnings (loss) per share:
Basic shares	5,311	6,834
Stock options	58	163
Non-vested restricted stock units and restricted shares	98	93
Potential common shares, total	156	256
Diluted shares	5,467	7,090
Anti-dilutive shares	173	16

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions			1 Months Ended	3 Months Ended
	Oct. 24, 2022	Dec. 03, 2021	Apr. 30, 2018	Sep. 30, 2022	Jun. 30, 2022	Jul. 31, 2017	Aug. 31, 2016
Environmental Protection Agency (EPA) [Member]
Loss Contingencies [Line Items]
Insurance reimbursements				$ 6.2
Estimated amount of possible loss						$ 5.5	$ 3.6
Settlement	$ 9.8
Estimated cost of remedial work			$ 3.6
Accrued Liabilities, Current	$ 9.8
Legal and other related expenses				$ 6.2
Employment Matters [Member]
Loss Contingencies [Line Items]
Settlement		$ 1.3
Accrued Liabilities, Current					$ 1.3