Note J - Treasury Stock

6 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [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. On January 14, 2022, the Board of Directors authorized an additional $3.0 million increase to the Repurchase Plan, thus bringing the total authorized repurchase amount to $18.0 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.

Stock repurchases for the three months ended December 31, 2021 were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		189,702	$	13.32	$	2,527
Shares acquired in connection with stock option exercises		—		—		—
Shares acquired from employees for restricted stock vesting		—		—		—
Total		189,702			$	2,527

Stock repurchases for the six months ended December 31, 2021 were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		189,702	$	13.32	$	2,527
Shares acquired in connection with stock option exercises		—		—		—
Shares acquired from employees for restricted stock vesting		692		14.20		10
Total		190,394			$	2,537

Stock repurchases for the three months ended December 31, 2020 were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		144,681	$	9.67	$	1,398
Shares acquired in connection with stock option exercises		30,442		9.95		303
Shares acquired from employees for restricted stock vesting		7,744		7.40		57
Total		182,867			$	1,758

Stock repurchases for the three months ended December 31, 2020 were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		380,071	$	8.25	$	3,136
Shares acquired in connection with stock option exercises		30,442		9.95		303
Shares acquired from employees for restricted stock vesting		8,436		7.34		62
Total		418,949			$	3,501

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.