Note H - Stockholders' Equity

12 Months Ended

Jun. 30, 2019

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 year ended

June 30, 2019,

we repurchased

76,272

shares at a weighted average cost of

$10.97

per share and a total cost of

$837,000

including commissions and fees. During the year ended

June 30, 2018,

we did

not

repurchase any shares of our common stock under the repurchase plan.

During fiscal

2019,

we acquired

47,065

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

$11.26

per share and a total cost of

$530,000.

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.

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

Stock option activity for the year ended

June 

30,

2019

was as follows:

	2009 Plan			Weighted Average Exercise Price		Weighted Average Contractual Term (in years)		Aggregate Intrinsic Value
Vested and exercisable at June 30, 2018		135,000		$	6.32
Exercised		(5,000	)	$	7.50
Forfeited		—		$	—
Granted		—		$	—
Outstanding at June 30, 2019		130,000		$	6.28		1.59	$	700,000
Vested and exercisable at June 30, 2019		130,000		$	6.28		1.59	$	700,000

Restricted stock activity for the year ended

June 30, 2019

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, 2018		356,989			500,000		$	9.90
Granted		190,000			—		$	11.57
Vested		(158,001	)		(100,000	)	$	10.06
Forfeited		(5,000	)		(400,000	)	$	9.82
Nonvested at June 30, 2019		383,988			—		$	10.70