11. Dividends

During the nine months ended March 31, 2014, our Board of Directors approved three quarterly cash dividends. The following summarizes our dividend activity during the nine months ended March 31, 2014:

			Dividend
Record Date	Payment Date	Type	Per Share		Total
September 16, 2013	September 30, 2013	Quarterly	$	0.12	$	1,108,000
December 13, 2013	December 27, 2013	Quarterly	$	0.12	$	1,111,000
March 14, 2014	March 28, 2014	Quarterly	$	0.12	$	1,111,000

As of March 31, 2014, we have $270,000 of dividends payable to holders of restricted common stock who held restricted shares at the time of dividend record dates and still hold those restricted shares as of March 31, 2014. Such dividends will be paid when the restrictions on a holder's restricted common shares lapse. This dividend payable is divided between current payable and non-current payable in the amounts of $85,000 and $185,000, respectively, based upon the expected vesting date of the underlying shares. These holders of restricted common stock will receive the dividend payments as long as they remain eligible at the vesting date of the shares. During the nine months ended March 31, 2014, $59,000 of dividends payable were returned to capital for restricted shares that were forfeited prior to meeting vesting requirements. Because the participants are not entitled to these dividends unless they complete the requisite performance criteria and service period for the shares to vest, they are not participating dividends as defined under ASC 260-10.