Note J - Treasury Stock

9 Months Ended

Mar. 31, 2022

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 March 31, 2022 were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		179,810	$	12.62	$	2,269
Shares acquired in connection with stock option exercises		—		—		—
Shares acquired from employees for restricted stock vesting		27,161		11.00		299
Total		206,971			$	2,568

Stock repurchases for the nine months ended March 31, 2022 were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		369,512	$	12.98	$	4,797
Shares acquired in connection with stock option exercises		—		—		—
Shares acquired from employees for restricted stock vesting		27,853		11.08		308
Total		397,365			$	5,105

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

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		5,751	$	10.60	$	61
Shares acquired from employees for restricted stock vesting		38,381		15.05		578
Total		44,132			$	639

Stock repurchases for the nine months ended March 31, 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		46,817		13.66		640
Total		463,081			$	4,140

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.