Stockholders' Equity

9 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

During the three months ended March 31, 2022 and 2021, the Company issued no shares of common stock upon the exercise of options. During the nine months ended March 31, 2022 and 2021, the company issued 30,000 shares and 0.2 million shares, respectively, of common stock upon the exercise of options. During the three months ended March 31, 2022 and 2021, approximately 5,000 shares and 14,000 shares, respectively, of restricted stock were canceled or surrendered as payment of tax withholding upon vesting. During the nine months ended March 31, 2022 and 2021, approximately 29,000 shares 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 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. 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. On August 27, 2020, the Board of Directors approved an amendment to the share repurchase program to increase the authorized share repurchase amount from $15 million to $35 million and to extend the duration of the program through November 30, 2023 and, on February 17, 2022, the Board of Directors approved an amendment to the share repurchase program to increase the authorized share repurchase amount from $35 million to $60 million. During the three months ended March 31, 2022 and 2021, the Company purchased 0.3 million shares and 0.2 million shares, respectively, of common stock at an aggregate price of $1.7 million and $2.0 million under this repurchase program. During the nine months ended March 31, 2022 and 2021, the Company purchased 1.2 million shares and 0.7 million shares, respectively, of common stock at an aggregate price of $8.4 million and $8.0 million under this repurchase program. At March 31, 2022, there is $28.1 million remaining under this repurchase program.

The Company’s Certificate of Incorporation authorizes the issuance of preferred stock. However, as of March 31, 2022, none have been issued nor have any rights or preferences been assigned to the preferred stock by the Company’s board of directors.