Note J - Treasury Stock

3 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Treasury Stock [Text Block]

J

. Treasury Stock

On

September 18, 2020,

the Board of Directors authorized a

$2.0

million increase to our stock repurchase plan (“Repurchase Plan”), thus bringing the total authorized repurchase amount to

$12.0

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

September 30, 2020

we repurchased

235,390

shares at a weighted average cost of

$7.38

and a total cost of

$1.7

million under this Repurchase Plan. During the

three

months ended

September 30, 2019

we repurchased

1,031

shares at a weighted average cost of

$8.44

and a total cost of

$8,700

under this Repurchase Plan.

During the

three

months ended

September 30, 2020,

we acquired

692

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

$6.74

per share and a total cost of

$5,000.

During the

three

months ended

September 30, 2019,

we acquired

686

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

$9.90

per share and a total cost of

$7,000.

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 we acquired and the number of shares returned to us was calculated based on the closing share price on the date the shares vested.