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Note I - Treasury Stock
9 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Treasury Stock [Text Block]
I. 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. Purchase of the shares of our common stock
may
be in open market or privately negotiated transactions.
 
During the
three
and
nine
months ended
March 31, 2018,
we did
not
repurchase any shares under this repurchase plan. During the
nine
months ended
March 31, 2017,
we repurchased
39,547
shares under this plan at a weighted average cost of
$8.74
per share and a total cost of
$345,000
including commissions and fees.
 
During the
three
months ended
March 31, 2018,
we acquired
35,203
shares in connection with restricted stock shares that vested during that period at a weighted average cost of
$11.90
per share and a total cost of
$419,000.
During the
nine
months ended
March 31, 2018,
we acquired
43,201
shares in connection with restricted stock shares that vested during that period at a weighted average cost of
$11.69
per share and a total cost of
$505,000.
During the
three
months ended
March 31, 2017,
we acquired
32,325
shares from employees in connection with restricted stock shares that vested during the period at a weighted average cost of
$8.75
per share and a total cost of
$283,000.
During the
nine
months ended
March 31, 2017,
we acquired
38,729
shares from employees in connection with restricted stock shares that vested during the period at a weighted average cost of
$9.47
per share and a total cost of
$367,000.
 
These shares were returned to NAI by the related employees and in return NAI paid each employee’s required tax withholding required as a result of the income recognized upon vesting of the restricted shares. The valuation of the shares acquired and thereby the number of shares returned to NAI was calculated based on the closing share price on the date the restricted shares vested.