Stockholders' Equity

3 Months Ended

Sep. 30, 2018

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

During the three months endedSeptember 30, 2018, the Company issued 35,000 shares of common stock upon the exercise of options. During the three months endedSeptember 30, 2018, 5,000 shares 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. 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 the three months endedSeptember 30, 2018, no shares of common stock were purchased by the Company under this repurchase program. At September 30, 2018, there is $3.5 million remaining under this repurchase program.

The Company’s Certificate of Incorporation authorizes the issuance of preferred shares. However, as of September 30, 2018, none have been issued and no rights or preferences have been assigned to the preferred shares by the Company’s board of directors.