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Note 9 - Shareholders' Equity
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Jun. 30, 2012
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| Stockholders' Equity Note Disclosure [Text Block] |
(9) Shareholders'
Equity
Our
authorized capital stock consists of (a) 150,000,000 shares
of Class A Common Stock, par value $.01 per share, (b)
600,000 shares of Class B Common Stock, par value $.01 per
share, and (c) 1,055,000 shares of Preferred Stock, par
value $.01 per share, of which (i) 30,000 shares have been
designated Series A Redeemable Convertible Preferred Stock,
(ii) 30,000 shares have been designated Series B Redeemable
Convertible Preferred Stock, (iii) 155,010 shares have been
designated as Series C Junior Participating Preferred
Stock, and (iv) the remaining 839,990 shares may be
designated by the Board of Directors with such rights and
preferences as they determine (all such preferred stock,
collectively, the "Preferred Stock"). Shares of Class B
Common Stock are convertible to shares of our Common Stock
upon the occurrence of certain events or other specified
conditions being met. As of June 30, 2012 and 2011, there
were no shares of Preferred Stock or Class B Common Stock
issued or outstanding.
Share
Repurchase Program
On
November 21, 2002, the Company’s Board of Directors
approved a share repurchase program authorizing us to
repurchase up to 2.0 million shares of our common stock,
from time to time, either directly or through agents, in
the open market at prices and on terms satisfactory to us.
Subsequent to that date, the Board of Directors increased
the then remaining share repurchase authorization on seven
separate occasions the last of which was on November 13,
2007. As of June 30, 2012 we had a remaining Board
authorization to repurchase 1.1 million shares.
During
the fourth quarter of fiscal 2010, we resumed our stock
repurchase activity due to our ability to generate excess
cash and the favorable stock price. Between 2012 and 2010,
we repurchased and/or retired the following shares of our
common stock on a trade date basis:
For
the fiscal years presented above, we funded our purchases
of treasury stock with existing cash on hand and cash
generated through current period operations. All of our
common stock repurchases and retirements are recorded as
treasury stock and result in a reduction
of shareholders’ equity.
Stockholder
Rights Plan
The
Companys Stockholders Rights Plan was allowed to expire on
May 31, 2012.
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