Note J - Treasury Stock

9 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Equity [Text Block]

J. Treasury Stock

We purchase shares under a stock repurchase plan (“Repurchase Plan”) authorized by the Board of Directors. On December 2, 2022, the Board of Directors authorized a $1.0 million increase to the Repurchase Plan, thus bringing the total authorized repurchase to $19.0 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, 2023 were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		25,447	$	9.23	$	235
Shares acquired from employees for restricted stock vesting		23,587		8.86		209
Total		49,034			$	444

Stock repurchases for the nine months ended March 31, 2023 were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		140,812	$	9.19	$	1,294
Shares acquired from employees for restricted stock vesting		23,587		8.86		209
Total		164,399			$	1,503

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 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	$	4,796
Shares acquired from employees for restricted stock vesting		27,853		11.08		309
Total		397,365			$	5,105

Stock repurchase costs include commissions and fees.

Shares acquired from employees for restricted stock vesting 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.