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Note I - Treasury Stock
6 Months Ended
Dec. 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, in open market or privately negotiated transactions.
 
During the
three
and
six
months ended
December 31, 2018
we purchased
36,949
shares under this plan at a weighted average cost of
$9.68
and a total cost of
$358,000
including commission and fees. During the
three
and
six
months ended
December 31, 2017,
we did
not
repurchase any shares under this repurchase plan.
 
During the
three
months ended
December 31, 2018,
we acquired
6,864
shares in connection with restricted stock shares that vested during that year at a weighted average cost of
$9.66
per share and a total cost of
$66,000.
During the
six
months ended
December 31, 2018,
we acquired
7,538
shares in connection with restricted stock shares that vested during that period at a weighted average cost of
$9.66
per share and a total cost of
$72,000.
During the
three
months ended
December 31, 2017,
we acquired
7,264
shares from employees in connection with restricted stock shares that vested during the period at a weighted average cost of
$10.80
per share and a total cost of
$78,000.
During the
six
months ended
December 31, 2017,
we acquired
7,998
shares from employees in connection with restricted stock shares that vested during the period at a weighted average cost of
$10.79
per share and a total cost of
$86,000.
These shares were returned to us by the subject employees and in exchange therefor we paid each employee’s required tax withholding liability incurred due to the vesting of their restricted stock shares during that period. The valuation of the shares acquired and therefor the number of shares returned to us was calculated based on the closing share price on the date the shares vested.