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, 2018
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
(
8
)
Shareholders' Equity
 
Our authorized capital stock consists of
150,000,000
shares of Common Stock, par value
$.01
per share, and
1,055,000
shares of Preferred Stock, par value
$.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, 2018
and
2017,
there were
no
shares of Preferred 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
2.0
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. After 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 24, 2018
when the Board of Directors increased the aggregate authorization to approximately
3.0
million 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, 2018
we had a remaining Board authorization to repurchase
2.5
million shares.
 
During the past
three
fiscal years, we repurchased the following shares of our common stock (trade date basis):
 
   
2018
   
2017
   
2016
 
Common shares repurchased
   
950,484
     
357,363
     
697,799
 
Cost to repurchase common shares
  $
22,019,381
    $
10,246,302
    $
19,346,104
 
Average price per share
  $
23.17
    $
28.67
    $
27.72
 
 
For the fiscal years presented above, we funded our purchases of treasury stock with existing cash on hand, cash generated through current period operations, and our credit facility. All our common stock repurchases are recorded as treasury stock and result in a reduction of shareholders’ equity.