Stockholders' Equity

12 Months Ended

Jun. 30, 2020

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

During the fiscal years ended June 30, 2020, 2019 and 2018, the Company issued 25,000, 0.2 million and 21,000 shares, respectively, of common stock as a result of the exercise of options and warrants. During the fiscal years ended June 30, 2020, 2019 and 2018, the Company issued 0.9 million, 0.5 million and 0.2 million shares, respectively, under the Company's equity incentive plans. During the fiscal years ended June 30, 2020, 2019 and 2018, 0.4 million, 0.2 million and 0.1 million shares, respectively, of restricted stock were canceled or surrendered as payment of tax withholding upon vesting. During the fiscal year ended June 30, 2020, the Company sold 0.1 million shares under its 2019 Employee Stock Purchase Plan. No shares were sold under this plan during the fiscal years ended June 30, 2019 and 2018.

On November 27, 2017, the Company's board of directors approved a stock repurchase plan, which was subsequently amended on February 1, 2019. Under the plan, the Company is authorized to repurchase up to $15.0 million of its outstanding shares through November 27, 2020. The repurchase program permits the Company to purchase shares from time to time through a variety of methods, including in the open market, through privately negotiated transactions or other means as determined by the Company's management, in accordance with applicable securities laws. As part of the repurchase program, the Company may enter 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 would 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. During year ended June 30, 2020, the Company purchased 0.4 million shares of its common stock on the open market at an aggregate purchase price of $5.4 million under this repurchase program. At June 30, 2020, there is $3.4 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, 2020, none have been issued nor have any rights or preferences been assigned to the preferred stock by the Company’s board of directors.