. Stockholders’ Equity

Treasury Stock

June

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 year ended

June 30, 2018,

we did

not

repurchase any shares of our common stock under the repurchase plan. During the year ended

June 30, 2017,

we repurchased

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 fiscal

2018,

we acquired

43,610

shares in connection with restricted stock shares that vested during that year at a weighted average cost of

$11.68

per share and a total cost of

$510,000.

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.

These shares were returned to us by the related employees and in return we paid each employee’s required tax withholding resulting from the vesting of restricted shares. The valuation of the shares acquired and thereby the number of shares returned to us was calculated based on the closing share price on the date the shares vested.

Stock

Incentive

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,

2018,

a total of

1.3

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, 2018,

there were

319,000

remaining shares available for grant under the

2009

Plan.

Stock option activity for the year ended

June

30,

2018

was as follows:

	2009 Plan			Weighted Average Exercise Price		Weighted Average Contractual Term (in years)		Aggregate Intrinsic Value
Vested and exercisable at June 30, 2017		140,000		$	6.36
Exercised		—		$	—
Forfeited		(5,000	)	$	7.50
Granted		—		$	—
Outstanding at June 30, 2018		135,000		$	6.32		2.58	$	516,760
Vested and exercisable at June 30, 2018		135,000		$	6.32		2.58	$	516,760

Restricted stock activity for the year ended

June 30, 2018

was as follows:

	Number of Shares – 2009 Plan			Number of Shares outside of 2009 Plan		Weighted Average Grant Date Fair Value
Nonvested at June 30, 2017		330,665			—	$	8.83
Granted		175,000			500,000	$	10.19
Vested		(138,677	)		—	$	8.71
Forfeited		(9,999	)		—	$	10.55
Nonvested at June 30, 2018		356,989			500,000	$	9.90