Stockholders' Equity

12 Months Ended

Jun. 30, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

During the fiscal years ended June 30, 2023 and 2022, the Company issued zero and 30,000 shares, respectively, of common stock as a result of the exercise of options. During the fiscal years ended June 30, 2023 and 2022, the Company issued 0.3 million and 0.2 million shares, respectively, under the Company's equity incentive plans. During the fiscal years ended June 30, 2023 and 2022, 47,000 and 39,000 shares, respectively, of restricted stock were canceled or surrendered as payment of tax withholding upon vesting. During the fiscal years ended June 30, 2023 and 2022, the Company sold 0.1 million and 0.1 million shares under its 2019 Employee Stock Purchase Plan, respectively.

On November 27, 2017, the Company's board of directors approved a stock repurchase program, which was subsequently amended on February 1, 2019. Under the currently approved repurchase program, the Company is authorized to purchase up to $60 million through December 31, 2026. The stock 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 stock 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 stock repurchase program may be suspended or discontinued at any time. During the year ended June 30, 2023, the Company purchased 0.2 million shares of its common stock at an aggregate purchase price of $0.8 million under this repurchase program. During the fiscal year ending June 30, 2022, the Company purchased 1.3 million shares of its common stock at an aggregate purchase price of $8.8 million under this repurchase program. At June 30, 2023, there is $26.9 million remaining under this stock repurchase program.

The Company’s Certificate of Incorporation authorizes the designation and issuance of shares of preferred stock. However, as of June 30, 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

The Company paid quarterly cash dividends of $0.03 per share of common stock to stockholders of record in September 2022, December 2022 and March 2023, and $0.035 per share of common stock in June 2023 which were in the aggregate amount of $1.6 million for the fiscal year ended June 30, 2023. For the fiscal year ended June 30, 2022, the Company paid to stockholders a quarterly cash dividend of $0.4 million, or $0.03 per share of common stock, in June 2022.

The 2016 Credit Facility, as amended, contains customary covenants that among other things, restrict the Company’s ability to pay dividends absent consent from its lender. The Company received consent from its lender to declare and pay dividends up to $500,000 per quarter, through September 30, 2023.

The declaration of dividends is subject to the discretion of our 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 our board of directors.