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Note H - Stockholders' Equity
12 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
H
. Stockholders’ Equity
 
Treasury Stock
On
June
 
2,
2011,
the Board of Directors authorized the repurchase of up to
$2.0
 million of our common stock. On
February 6, 2015,
the Board of Directors authorized a
$1.0
million increase to our stock repurchase plan bringing the total authorized repurchase amount to
$3.0
million. On
May 11, 2015,
the Board of Directors authorized a
$2.0
million increase to our stock repurchase plan bringing the total authorized repurchase amount to
$5.0
million. On
March 28, 2017,
the Board of Directors authorized a
$2.0
million increase to our stock repurchase plan bringing the total authorized repurchase amount to
$7.0
million. Under the repurchase plan, we
may,
from time to time, purchase shares of our common stock, depending upon market conditions, in open market or privately negotiated transactions.
 
During the
twelve
months ended
June 30, 2017,
we purchased
39,547
shares at a weighted average cost of $
8.74
per share and a total cost of
$345,000
including commissions and fees. During the
twelve
months ended
June 30, 2016,
we purchased
52,603
shares at a weighted average cost of
$6.26
per share and a total cost of
$329,000
including commissions and fees.
 
During fiscal
2017,
we acquired
38,729
shares in connection with restricted stock shares that vested during that year at a weighted
average cost of
$9.47
per share and a total cost of
$367,000
. During fiscal
2016
we acquired
27,195
shares from employees in connection with restricted stock shares that vested during the year 
at a weighted average cost of
$11.70
per share and a total cost of
$319,000
. These shares were returned to the Company by the related employees and in return the Company paid each employee’s required tax withholding. The valuation of the shares acquired and thereby the number of shares returned to the Company was calculated based on the closing share price on the date the shares vested.
 
Stock
Option Plans
 
Effective as of
October
 
15,
2009,
our Board of Directors approved the
2009
Plan. The
2009
Plan was approved by our stockholders at the Annual Meeting of Stockholders held on
November 
30,
2009.
Under the
2009
Plan, we
may
grant nonqualified and incentive stock options and other stock-based awards to employees, non-employee directors and consultants. Between
October 15, 2009,
and
June 
30,
2017,
a total of
1.2
million shares of common stock have been authorized under the
2009
Plan for issuance to our employees, non-employee directors and consultants. As of
June 30, 2017,
there were
389,000
remaining shares available for grant under the
2009
Plan.
 
Stock option activity for the year
ended
June 
30,
2017
was as follows:
 
   
2009
Plan
   
Weighted
Average
Exercise Price
   
Weighted
Average
Contractual
Term
(in years)
   
Aggregate
Intrinsic
Value
 
Vested and exercisable at June
30, 2016
   
140,000
    $
6.36
     
 
     
 
 
Exercised
   
    $
     
 
     
 
 
Forfeited
   
    $
     
 
     
 
 
Granted
   
    $
     
 
     
 
 
Outstanding at June
30, 2017
   
140,000
    $
6.36
     
3.58
    $
502,000
 
Vested and exercisable at June
30, 2017
   
140,000
    $
6.36
     
3.58
    $
502,000
 
 
 
Restricted stock activity for the year ended
June 30,
2017
was as follows (
2009
Plan):
 
   
Number of
Shares
   
Weighted
Average
Grant Date
Fair Value
 
Nonvested at June
30, 2016
   
310,321
    $
8.43
 
Granted
   
155,000
    $
8.82
 
Vested
   
(126,323
)   $
7.77
 
Forfeited
   
(8,333
)   $
9.96
 
Nonvested at June
30, 2017
   
330,665
    $
8.83