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Note J - Treasury Stock
6 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Treasury Stock [Text Block]
J
. Treasury Stock
 
The Board of Directors has authorized a total of
$7.0
million under our stock repurchase plan as of
December 31, 2019.
On
January 8, 2020,
the Board of Directors authorized a
$2.0
million increase to our stock repurchase plan bringing the total authorized repurchase amount to
$9.0
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
months ended
December 31, 2019
we repurchased
150,307
shares at a weighted average cost of
$8.33
and a total cost of
$1.3
million under this repurchase plan. During the
six
months ended
December 31, 2019
we repurchased
151,338
shares at a weighted average cost of
$8.33
and a total cost of
$1.3
million under this repurchase plan. During the
three
and
six
months ended
December 31, 2018,
we repurchased
36,949
shares at a total cost of
$358,000
under this repurchase plan.
 
During the
three
months ended
December 31, 2019
we acquired
7,644
shares from employees in connection with restricted stock shares that vested during that period at a weighted average cost of
$8.67
per share and a total cost of
$66,000.
During the
six
months ended
December 31, 2019,
we acquired
8,330
shares from employees in connection with restricted stock shares that vested during that year at a weighted average cost of
$8.74
per share and a total cost of
$73,000.
During the
three
months ended
December 31, 2018,
we acquired
6,864
shares from employees in connection with restricted stock shares that vested during the period 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.
These shares were returned to us by the subject employees and in exchange 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 the number of shares returned to us was calculated based on the closing share price on the date the shares vested.