Stockholders' Equity

9 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

During the three months ended March 31, 2023 and 2022, the Company issued 38,000 and 23,000 shares of common stock under equity award plans, respectively. During the nine months ended March 31, 2023 and 2022, the Company issued 0.2 million and 0.1 million shares of common stock under equity award plans, respectively. During the three months ended March 31, 2023 and 2022, the Company issued no shares of common stock upon the exercise of stock options. During the nine months ended March 31, 2023 and 2022, the Company issued zero and 30,000 shares of common stock, respectively, upon the exercise of stock options. During the three months ended March 31, 2023 and 2022, 14,000 and 5,000 shares of restricted stock were canceled or surrendered as payment of tax withholding upon vesting, respectively. During the nine months ended March 31, 2023 and 2022, 36,000 and 29,000 shares of restricted stock were canceled or surrendered as payment of tax withholding upon vesting, respectively.

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 and nine months ended March 31, 2023, the Company purchased no shares of common stock under this repurchase program. During the three and nine months ended March 31, 2022, the Company purchased 0.3 million and 1.2 million shares of common stock at an aggregate price of $1.7 million and $8.4 million under this repurchase program, respectively. At March 31, 2023, 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 March 31, 2023, 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, November 2022, and February 2023, the board of directors declared a quarterly cash dividend of $0.03 per share of common stock to be paid on September 15, 2022, December 15, 2022, and March 15, 2023, to stockholders of record on September 2, 2022, December 1, 2022, and March 1, 2023, respectively. Cash dividends for the three and nine months ended March 31, 2023 totaled $0.4 million and $1.1 million, or $0.03 and $0.09 per share, respectively.

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.