Stockholders' Equity

12 Months Ended

Jun. 30, 2018

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

During the fiscal years ended June 30, 2018, 2017 and 2016, the Company issued 21,000, 0.1 million and 0.1 million shares, respectively, of common stock as a result of the exercise of options and warrants. During the fiscal years ended June 30, 2018, 2017 and 2016, the Company issued 0.2 million, 0.2 million and 0.1 million shares, respectively, of restricted stock. During the fiscal years ended June 30, 2018, 2017 and 2016, 0.1 million, 38,000 and 0.1 million shares, respectively of restricted stock were canceled or surrendered as payment of tax withholding upon vesting.

On November 27, 2017, the Company announced a share repurchase program authorizing it to repurchase up to $5 million in shares of the Company's common stock. The repurchase program permits the Company to purchase shares through a variety of methods, including in the open market, through privately negotiated transactions or other means as determined by the Company's management. As part of the repurchase program, the Company may enter into a pre-arranged stock repurchase plan which will operate in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Accordingly, transactions, if any, would be completed in accordance with the terms of the stock repurchase plan, including specified price, volume and timing conditions. The authorization may be suspended or discontinued at any time and expires on November 27, 2020. During year ended June 30, 2018, the Company purchased 0.3 million shares of its common stock on the open market at an aggregate purchase price of $1.5 million under this repurchase program. At June 30, 2018, there is $3.5 million remaining under this repurchase program.

The Company’s Articles of Incorporation authorize the issuance of preferred shares. However, as of June 30, 2018, none have been issued nor have any rights or preferences been assigned to the preferred shares by the Company’s Board of Directors.