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, 2020
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [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, 2020
and
2019,
there were
no
shares of Preferred Stock issued or outstanding.
 
Share Repurchase Program
 
On 
January 13, 2020, 
the Company's Board of Directors authorized an increase in the aggregate share repurchase authorization under the Company's existing multi-year share repurchase program (the “Share Repurchase Program”) to
3,000,000
shares. There is
no
expiration date on the repurchase authorization.
 
We repurchased 
1,538,363
shares for
$24.3
million during fiscal
2020.
There were
no
share repurchases during fiscal
2019.
As of
June 30, 2020,
we had a remaining Board authorization to repurchase
2,007,364
shares of our common stock pursuant to our program. 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. The Share Repurchase Program was temporarily halted on
April 1, 2020
as part of the Company's action plan in response to COVID-
19.
 
During the past
three
fiscal years, we repurchased the following shares of our common stock (trade date basis) under our existing share repurchase program:
 
   
2020
    
2019
    
2018
  
Common shares repurchased
    
1,538,363
      
-
      
950,484
  
Cost to repurchase common shares
   $
24,319,044
     $
-
     $
22,019,381
  
Average price per share
   $
15.81
     $
-
     $
23.17
  
 
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 our common stock repurchases are recorded as treasury stock and result in a reduction of shareholders' equity.