Note I - Stockholders' Equity

12 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Equity [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. 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.

Treasury Stock repurchases for the year ended June 30, 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

Treasury Stock repurchases for the year ended  June 30, 2022 were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		406,817	$	12.76	$	5,190
Shares acquired from employees for restricted stock vesting		28,263		11.08		313
Total		435,080			$	5,503

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

For the years ended June 30, 2023and June 30, 2022, the Company had no stock options outstanding.

Restricted stock activity for the year ended June 30, 2023 was as follows:

			Weighted
	Number of		Average Grant
	Shares –		Date Fair
	2009 Plan		Value
Nonvested at June 30, 2022		1,666	$	8.50
Granted		—	$	—
Vested		1,666	$	8.50
Forfeited		—	$	—
Nonvested at June 30, 2023		—	$	—
Available for grant at June 30, 2023		—

				Weighted
	Number of			Average Grant
	Shares –			Date Fair
	2020 Plan			Value
Nonvested at June 30, 2022		186,227		$	12.56
Granted		123,000		$	8.79
Vested		(71,146	)	$	13.04
Forfeited		(14,399	)	$	11.69
Nonvested at June 30, 2023		223,682		$	10.39
Available for grant at June 30, 2023		349,377

Restricted stock activity for the year ended  June 30, 2022 was as follows:

				Weighted
	Number of			Average Grant
	Shares –			Date Fair
	2009 Plan			Value
Nonvested at June 30, 2021		61,324		$	11.47
Granted		—		$	—
Vested		(51,326	)	$	11.52
Forfeited		(8,332	)	$	10.88
Nonvested at June 30, 2022		1,666		$	8.50
Available for grant at June 30, 2022		—

				Weighted
	Number of			Average Grant
	Shares –			Date Fair
	2020 Plan			Value
Nonvested at June 30, 2021		87,773		$	16.81
Granted		135,850		$	10.99
Vested		(25,896	)	$	16.81
Forfeited		(11,500	)	$	16.81
Nonvested at June 30, 2022		186,227		$	12.56
Available for grant at June 30, 2022		472,377

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 $2.0 million at June 30, 2023 and the weighted average remaining requisite service period of unvested restricted stock shares was 2.1 years.