Note J - Treasury Stock

3 Months Ended

Sep. 30, 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. The total authorized repurchase amount is $18.0 million and as of September 30, 2023, we had approximately $716,000 remaining available under the Repurchase Plan. 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.

There were no stock repurchases for the three months ended September 30, 2023.

Stock repurchases for the three months ended September 30, 2022, were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		46,795	$	10.62	$	497
Shares acquired from employees for restricted stock vesting		—		—		—
Total		46,795			$	497

Stock repurchase costs include commissions and fees.

Shares acquired from employees for restricted stock vesting are returned to us by the related employees and in return we pay 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 is calculated based on the closing share price on the date the shares vested. We did not receive any shares associated with the vesting of employee restricted stock during either of the three month periods ending September 30, 2023, or 2022.