Note J - Treasury Stock

9 Months Ended

Mar. 31, 2021

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. On

March 12, 2021,

the Board of Directors authorized an additional

$3.0

million increase to the Repurchase Plan, thus bringing the total authorized repurchase amount to

$15.0

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, 2021

we repurchased

5,751

shares at a weighted average cost of

$10.60

per share and a total cost of

$0.1

million under this Repurchase Plan. During the

nine

months ended

March 31, 2021

we repurchased

416,264

shares at a weighted average cost of

$8.40

per share and a total cost of

$3.5

million under this Repurchase Plan. Included in the repurchases for the

nine

months ended

March 31, 2021,

was

30,442

shares acquired from employees and directors in connection with exercises of stock options. 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, 2021,

we acquired

38,381

shares from employees in exchange for payment of income to withholding of the employees in connection with restricted stock shares that vested during that period at a weighted average cost of

$15.05

per share and a total cost of

$0.6

million. During the

nine

months ended

March 31, 2021,

we acquired

46,817

shares from employees in exchange for payment of income to withholding of the employees in connection with restricted stock shares that vested during that period at a weighted average cost of

$13.66

per share and a total cost of

$0.6

million. During the

three

months ended

March 31, 2020

we acquired

53,176

shares from employees in exchange for payment of income to withholding of the 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

$0.4

million. During the

nine

months ended

March 31, 2020,

we acquired

61,506

shares from employees in exchange for payment of income to withholding of the employees in connection with restricted stock shares that vested during that period at a weighted average cost of

$7.14

per share and a total cost of

$0.4

million. 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.