Annual report pursuant to Section 13 and 15(d)

Note 8 - Shareholders' Equity

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Note 8 - Shareholders' Equity
 12 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
(8)     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, 2016 and 2015, there were no shares of Preferred Stock or Class B Common Stock issued or outstanding.
 
Share Repurchase Program
 
On November 21, 2002, our Board of Directors approved a share repurchase program authorizing us to repurchase up to 2,000,000 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 aggregate authorization under the repurchase program on several separate occasions, the last of which was on April 13, 2015 when the Board of Directors increased the aggregate authorization to approximately 3,000,000 shares. There is no expiration date on the repurchase authorization and the amount and timing of future share repurchases, if any, will be determined as market and business conditions warrant.
As of June 30, 2016 we had a remaining Board authorization to repurchase 1.8 million shares.
 
During the past three fiscal years, we repurchased the following shares of our common stock (trade date basis):
 
   
2016
    
2015
   
2014
 
Common shares repurchased
     697,799       645,831       -  
Cost to repurchase common shares
   $ 19,346,104     $ 16,469,725     $ -  
Average price per share
   $ 27.72     $ 25.50     $ -  
 
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 are recorded as treasury stock and result in a reduction of shareholders’ equity.