Stockholders' Equity

12 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Preferred Stock

The Company has 5.0 million shares of preferred stock authorized, none of which was issued or outstanding at June 30, 2016 or June 30, 2015.

Treasury Shares

On November 4, 2014 the Board of Directors approved a stock buyback program that replaced the program that had been in place since November 2012. The new program, which expires on December 31, 2016, allows the Company to purchase up to $25.0 million annually, on a calendar year basis, of common stock if sufficient liquidity exists and management believes the shares purchased would be accretive to the Company's stockholders. The cumulative number of shares repurchased cannot exceed 2,653,399, which represents 10% of the shares outstanding on the date the new repurchase program was approved. The Company purchased 654,958 and 283,772 shares for $10.5 million and $5.0 million under the stock buyback program during the fiscal years ended June 30, 2016 and 2015, respectively.

In addition to the stock buyback program, the Company may repurchase shares of common stock to satisfy the tax withholding obligations upon vesting of an employee’s deferred shares. Matrix repurchased 205,504 and 105,058 shares of common stock during fiscal 2016 and fiscal 2015, respectively, to satisfy these obligations. These shares were returned to the Company’s pool of treasury shares. The Company has 1,591,072 treasury shares as of June 30, 2016 and intends to utilize these treasury shares solely in connection with equity awards under the Company’s stock incentive plans.