Shareholders' Equity

12 Months Ended

Jun. 30, 2021

Stockholders Equity Note [Abstract]

Shareholders' Equity

Note 11. Shareholders’ Equity

At June 30, 2021, the Company had 10.2 million shares of common stock reserved for issuance under the stock incentive plans and the employee stock purchase plan.

Share Repurchase

On May 5, 2021, the Board of Directors authorized a repurchase of an aggregate amount of the Company common stock not to exceed $18 million. On May 7, 2021, the Company completed a repurchase of 3,108,369 shares of its common stock for an aggregate amount of $14.1 million. Repurchased shares are reclassified as authorized and issued shares of common stock. The Company’s common stock is reduced by an amount equal to the number of shares being repurchased multiplied by the par value of such shares. The excess amount that is repurchased over its par value is first allocated as a reduction to additional paid-in capital based on the initial public offering price of the Company’s common stock.