Stockholders' Equity

12 Months Ended

Jun. 30, 2019

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

During the fiscal years ended June 30, 2019, 2018 and 2017, the Company issued 0.2 million, 21,000 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, 2019, 2018 and 2017, the Company issued 0.5 million, 0.2 million and 0.2 million shares, respectively, under the Company's equity incentive plans. During the fiscal years ended June 30, 2019, 2018 and 2017, 0.2 million, 0.1 million and 38,000 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 has entered into a pre-arranged stock repurchase plan which operates in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Accordingly, any transactions under such stock repurchase plan will be completed in accordance with the terms of the plan, including specified price, volume and timing conditions. The authorization may be suspended or discontinued at any time and expires on November 27, 2020. On February 1, 2019, the board of directors approved an amendment to the share repurchase program to increase the authorized share repurchase amount from $5 million to $15 million. During year ended June 30, 2019, the Company purchased 0.4 million shares of its common stock on the open market at an aggregate purchase

price of $4.7 million under this repurchase program. At June 30, 2019, there is $8.8 million remaining under this repurchase program.

The Company’s Certificate of Incorporation authorizes the designation and issuance shares of preferred stock. However, as of June 30, 2019, none have been issued nor have any rights or preferences been assigned to the preferred stock by the Company’s board of directors.