Stockholders' Equity

3 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

During the three months ended September 30, 2022, the company issued no shares of common stock upon the exercise of stock options and 17,000 shares of restricted stock were canceled or surrendered as payment of tax withholding upon vesting. During the three months ended September 30, 2021 the company issued 30,000 shares of common stock upon the exercise of stock options and approximately 19,000 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 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 September 30, 2022, the Company purchased no shares of common stock under this repurchase program. During the three months ended September 30, 2021, the Company purchased 0.5 million shares of common stock at an aggregate price of $3.5 million under this repurchase program. At September 30, 2022, there is $27.7 million remaining under this repurchase program.

The Company’s Certificate of Incorporation authorizes the issuance of preferred stock. However, as of September 30, 2022, none have been issued nor have any rights or preferences been assigned to the preferred stock by the Company’s board of directors.

Dividends

In August 2022, the board of directors declared a quarterly cash dividend of $0.03 per share of common stock to be paid on September 15, 2022, to stockholders of record on September 2, 2022. Quarterly cash dividend for the three months ended September 30, 2022 totaled $0.4 million, or $0.03 per share.

The declaration of dividends is subject to the discretion of the Company's board of directors and will depend upon various factors, including our earnings, financial condition, restrictions imposed by any indebtedness that may be outstanding, cash requirements, future prospects and other factors deemed relevant by the Company's board of directors.