Common Stock Repurchases and Retirement

12 Months Ended

Jun. 30, 2016

Equity [Abstract]

Common Stock Repurchases and Retirement

8. Common Stock Repurchases and Retirement

Common Stock Repurchases

On September 28, 2012, the Company's Board of Directors approved a share repurchase program for a maximum of $75 million which were to be purchased over a three year period in the open market or in privately negotiated transactions.  All repurchased shares were retired and included in the Company's authorized but unissued shares. During the year ended June 30, 2013, the Company repurchased 4.1 million shares of common stock at a total cost of $14.5 million.  No shares were repurchased during the years ended June 30, 2016, 2015 and 2014.  On October 1, 2015 the repurchase program ended.