Note J - Treasury Stock

9 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Treasury Stock [Text Block]

J

. Treasury Stock

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. On

March 13, 2020,

the Board of Directors authorized an additional

$1.0

million increase to our stock repurchase plan bringing the total authorized repurchase amount to

$10.0

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

March 31, 2020

we repurchased

210,832

shares at a weighted average cost of

$8.46

and a total cost of

$1.8

million under this repurchase plan. During the

nine

months ended

March 31, 2020

we repurchased

362,170

shares at weighted average cost of

$8.40

and a total cost of

$3.0

million under this repurchase plan. During the

three

months ended

March 31, 2019,

we repurchased

5,748

shares at a weighted average cost of

$10.17

and a total cost of

$58,000

under this repurchase plan. During the

nine

months ended

March 31, 2019,

we repurchased

42,697

shares at a weighted average cost of

$9.74

and a total cost of

$416,000

under this repurchase plan.

During the

three

months ended

March 31, 2020

we acquired

53,176

shares from employees in connection with restricted stock shares that vested during that period at a weighted average cost of

$6.91

per share and a total cost of

$367,000.

During the

nine

months ended

March 31, 2020,

we acquired

61,506

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

$7.14

per share and a total cost of

$439,000.

During the

three

months ended

March 31, 2019,

we acquired

39,118

shares from employees in connection with restricted stock shares that vested during the period at a weighted average cost of

$11.58

per share and a total cost of

$453,000.

During the

nine

months ended

March 31, 2019,

we acquired

46,656

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

$11.27

per share and a total cost of

$525,000.

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.