Note I - Stockholders' Equity

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

I. Stockholders

'

Equity

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.

Treasury Stock repurchases for the year ended

June 30, 2021

were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		385,822	$	8.28	$	3,197
Shares acquired in connection with stock option exercises		30,442		9.95		303
Shares acquired from employees for restricted stock vesting		47,228		13.69		647
Total		463,492			$	4,147

Treasury Stock repurchases for the year ended

June 30, 2020

were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		400,787	$	8.25	$	3,305
Shares acquired in connection with stock option exercises		—		—		—
Shares acquired from employees for restricted stock vesting		61,913		7.14		442
Total		462,700			$	3,747

Treasury stock repurchase costs include commissions and fees.

Shares acquired from employees for restricted stock vesting and stock options exercises 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,

2021

was as follows:

	2009 Plan			Weighted Average Exercise Price		Weighted Average Contractual Term (in years)		Aggregate Intrinsic Value
Vested and exercisable at June 30, 2020		130,000		$	6.28
Exercised		(130,000	)	$	6.28
Forfeited		—		$	—
Granted		—		$	—
Outstanding at June 30, 2021		—		$	—		—	$	—
Vested and exercisable at June 30, 2021		—		$	—		—	$	—

Of the

130,000

options exercised,

120,000

of these option exercises were cashless net exercises resulting in the issuance of

55,915

shares for the year ended

June 30, 2021.

Stock option activity for the year ended

June 

30,

2020

was as follows:

	2009 Plan		Weighted Average Exercise Price		Weighted Average Contractual Term (in years)		Aggregate Intrinsic Value
Vested and exercisable at June 30, 2019		130,000	$	6.28
Exercised		—	$	—
Forfeited		—	$	—
Granted		—	$	—
Outstanding at June 30, 2020		130,000	$	6.28		0.59	$	150,400
Vested and exercisable at June 30, 2020		130,000	$	6.28		0.59	$	150,400

Restricted stock activity for the year ended

June 30, 2021

was as follows:

	Number of Shares – 2009 Plan			Weighted Average Grant Date Fair Value
Nonvested at June 30, 2020		197,650		$	11.06
Granted		—		$	—
Vested		(136,326	)	$	10.88
Forfeited		—		$	—
Nonvested at June 30, 2021		61,324		$	11.47
Available for grant at June 30, 2021		—

	Number of Shares – 2020 Plan				Weighted Average Grant Date Fair Value
Nonvested at June 30, 2020		—		$	—
Granted		91,773		$	16.81
Vested		(4,000	)	$	16.81
Forfeited		—		$	—
Nonvested at June 30, 2021		87,773		$	16.81
Available for grant at June 30, 2021		608,227

Restricted stock activity for the year ended

June 30, 2020

was as follows:

	Number of Shares – 2009 Plan			Weighted Average Grant Date Fair Value
Nonvested at June 30, 2019		383,988		$	10.70
Granted		5,000		$	8.50
Vested		(176,338	)	$	10.33
Forfeited		(15,000	)	$	9.65
Nonvested at June 30, 2020		197,650		$	11.06

Restricted stock grants, granted to members of our Board of Directors and certain key members of our management team, vest over a period of years from the date of grant and the unvested shares cannot be sold or otherwise transferred and the right to receive dividends, if declared by our Board of Directors, is forfeitable until the shares become vested. The total remaining unrecognized compensation cost related to unvested restricted stock shares amounted to

$1.8

million at

June 30, 2021

and the weighted average remaining requisite service period of unvested restricted stock shares was

1.9

years.