Stockholders' Equity Transactions

3 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

NOTE 9 – Stockholders’ Equity Transactions

On September 16, 2014 the Company’s board of directors authorized the repurchase of up to 1 million of the approximately 19.4 million shares of the Company’s common stock outstanding. The repurchase will be made from time to time in the open market or in privately negotiated transactions subject to market conditions and the market price of the common stock. Relative to the loan agreement described in Note 6, the Company’s lender gave its consent to this stock repurchase plan. The Company repurchased 39,163 shares at a weighted average price of $14.02 under this plan during the three months ended September 30, 2018. The Company did not repurchase any of its outstanding common stock during the three months ended September 30, 2017. Shares repurchased through September 30, 2018 are included in the Company’s Treasury Stock as of September 30, 2018.