Annual report pursuant to Section 13 and 15(d)

Note 14 - Shareholders' Equity

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Note 14 - Shareholders' Equity
 12 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Equity [Text Block]

(14)

Shareholders’ Equity

 

Shares Authorized for Issuance

 

Our authorized capital stock consists of 150,000,000 shares of common stock, par value $0.01 per share, and 1,055,000 shares of Preferred Stock, par value $0.01 per share. The Board of Directors may provide for the issuance of all or any shares of Preferred Stock in one or more classes or series, and to fix for each such class or series such voting powers, full or limited, or no voting powers, and such distinctive designations, preferences and relative, participating, optional or other special rights and such qualifications, limitations or restrictions thereof, as shall be stated and expressed in the resolution or resolutions adopted by the Board of Directors providing for the issuance of such class or series and as may be permitted by the General Corporation Law of the State of Delaware. As of June 30, 2023 and 2022, there were no shares of Preferred Stock issued or outstanding.

 

Share Repurchase Program

 

There were no share repurchases under the Company’s existing multi-year share repurchase program during fiscal years 2023, 2022 or 2021. As of June 30, 2023, we had a remaining Board authorization to repurchase 2,007,364 shares of our common stock pursuant to our share repurchase program. There is no expiration date on the repurchase authorization. The timing and amount of any future share repurchases in the open market and through privately negotiated transactions will be determined by the Company’s officers at their discretion and based on a number of factors, including an evaluation of market and economic conditions while also maintaining financial flexibility.

 

Dividends

 

In August 2022 we paid a special cash dividend of $0.50 per share. In April 2023, the Board of Directors increased the cash dividend by 12.5% to $0.36 per share. In addition to the special cash dividend paid during August 2022, we paid four regular quarterly cash dividends during fiscal 2023. Total cash dividends paid to shareholders in fiscal 2023 were $1.82 per share and totaled $46.4 million. During fiscal 2022, total cash dividends paid were $48.3 million.