Stockholders' Equity

Common Stock

As of June 30, 2018, we had 33,080,543 shares of common stock outstanding.

The Company began paying quarterly cash dividends on common stock in December 2013. We paid dividends of$11,594,541, $8,432,435 and $6,565,823 from retained earnings to our common shareholders during the years ended June 30, 2018, 2017 and 2016, respectively. The following table reflects the dividends paid per common share in each quarter within the respective three fiscal years:



	Fiscal Year
	2018		2017		2016
Fourth quarter ended June 30,	$	0.100	$	0.070	$	0.050
Third quarter ended March 31,	$	0.100	$	0.070	$	0.050
Second quarter ended December 31,	$	0.075	$	0.065	$	0.050
First quarter ended September 30,	$	0.075	$	0.050	$	0.050

Repurchases of common shares are initially recorded as treasury stock, then subsequently canceled. On May 12, 2015, the Board of Directors approved a share repurchase program covering up to $5 million of the Company's common stock. Since commencement in June 2015, we have repurchased 265,762 shares at an average price of $6.05 per share, for total cost of $1,609,008. The timing and amount of repurchases depends upon several factors, including financial resources and market and business conditions. There is no fixed termination date for this repurchase program, and it may be suspended or discontinued at any time. We have not repurchased any shares since December 2015. The Company has also acquired treasury stock from holders of newly vested stock-based awards to fund the recipients' payroll tax withholding obligations. The following summarizes all treasury stock purchases by fiscal year:



	Fiscal Year
	2018		2017		2016
Number of treasury shares acquired	73,208		83,675		218,682
Average cost per share	$	7.80	$	6.42	$	5.78
Total cost of treasury shares acquired	$	571,083	$	537,014	$	1,263,402

Series A Cumulative Perpetual Preferred Stock

In September 2016, the Company announced the decision to redeem all 317,319 outstanding shares of its 8.5% Series A Cumulative Preferred Stock. The redemption occurred in November 2016 at the stated value of $25.00 per share plus all accumulated and unpaid distributions, for an aggregate redemption cost of $7,932,975.

On September 30, 2016, in connection with the planned redemption, the Company recorded a deemed dividend of $1,002,440, representing the difference between the redemption consideration paid and the historical net issuance proceeds of the preferred shares. Accordingly, net income was adjusted for this deemed dividend to determine net income attributable to common shareholders and earnings per common share.

Dividends on the Series A Cumulative Preferred Stock were paid at a fixed rate of 8.5% per annum on the $25.00 per share liquidation preference, payable monthly. During the year ended June 30, 2017, we paid cash dividends of $250,990 to holders of our Series A Preferred Stock prior to the November 2016 redemption date. During the year ended June 30, 2016, we paid cash dividends of $674,302.

Tax Treatment of Dividends to Recipients

Based on our current projections for the fiscal year ending June 30, 2018, we expect all common dividends for this fiscal year will be treated for tax purposes as qualified dividend income to the recipients. For the fiscal year ended June 30, 2017, all preferred and common dividends for that fiscal year were treated for tax purposes as qualified dividend income to the recipients.