. SHAREHOLDERS' EQUITY

The total number of shares of common stock outstanding at

June 30, 2018,

2017

and

2016

was

11,553,685,

11,519,133

and

11,350,174,

respectively. At

June 30, 2018,

2017

and

2016,

treasury stock consisted of

1,545,783,

1,580,335

and

1,749,294

shares of common stock, respectively. The Company issued

67,286,

168,959

and

83,377

shares of treasury stock in fiscal

2018,

2017

and

2016,

respectively, to fulfill its obligations under the stock option plans and restricted stock grants. The Company also recorded forfeitures of

32,734

and

shares of previously issued restricted stock in fiscal

2018

and

2017,

respectively. The difference between the cost of treasury shares and the option price is recorded in common stock.

Under an authorization given by the Board of Directors on

July 27, 2012,

the Company is permitted to make open market purchases of its common stock. The Company did

not

make any open market purchases during the

three

most recent fiscal years. As of

June 30, 2018,

2017,

and

2016,

315,000

shares remain authorized for purchase.

Cash dividends per share were

$0.00,

$0.00

and

$0.18

in fiscal

2018,

2017

and

2016,

respectively.

The Company is authorized to issue

200,000

shares of preferred stock,

none

of which have been issued. The Company has designated

150,000

shares of the preferred stock as Series A Junior Preferred Stock.

The components of accumulated other comprehensive loss included in equity as of

June 30, 2018

and

2017

are as follows:

	2018			2017
Translation adjustments	$	7,085		$	6,130
Benefit plan adjustments, net of income taxes of $11,494 and $21,601 respectively		(30,877	)		(38,801	)
Accumulated other comprehensive loss	$	(23,792	)	$	(32,671	)

A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the years ended

June 30, 2016,

June 30, 2017

and

June 30, 2018

is as follows:

	Translation			Benefit Plan
	Adjustment			Adjustment
Balance at June 30, 2015	$	6,740		$	(42,221	)
Other comprehensive loss before reclassifications		(1,582	)		(10,101	)
Amounts reclassified from accumulated other comprehensive income		-			3,021
Net current period other comprehensive loss		(1,582	)		(7,080	)
Balance at June 30, 2016	$	5,158		$	(49,301	)

	Translation		Benefit Plan
	Adjustment		Adjustment
Balance at June 30, 2016	$	5,158	$	(49,301	)
Other comprehensive income before reclassifications		972		8,025
Amounts reclassified from accumulated other comprehensive income		-		2,475
Net current period other comprehensive income		972		10,500
Balance at June 30, 2017	$	6,130	$	(38,801	)

	Translation		Benefit Plan
	Adjustment		Adjustment
Balance at June 30, 2017	$	6,130	$	(38,801	)
Other comprehensive income before reclassifications		955		5,824
Amounts reclassified from accumulated other comprehensive income		-		2,100
Net current period other comprehensive income		955		7,924
Balance at June 30, 2018	$	7,085	$	(30,877	)

A reconciliation for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the year ended

June 30, 2016

is as follows:

	Amount
	Reclassified
Amortization of benefit plan items
Actuarial losses	$	(4,355	)
Transition asset and prior service benefit		(92	)
Total before tax benefit		(4,447	)
Tax benefit		1,426
Total reclassification net of tax	$	(3,021	)

A reconciliation for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the year ended

June 30, 2017

is as follows:

	Amount
	Reclassified
Amortization of benefit plan items
Actuarial losses	$	(3,821	)
Transition asset and prior service benefit		(101	)
Total before tax benefit		(3,922	)
Tax benefit		1,447
Total reclassification net of tax	$	(2,475	)

A reconciliation for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the year ended

June 30, 2018

is as follows:

	Amount
	Reclassified
Amortization of benefit plan items
Actuarial losses	$	(3,053	)
Transition asset and prior service benefit		103
Total before tax benefit		(2,950	)
Tax benefit		850
Total reclassification net of tax	$	(2,100	)