Note 14 - Shareholders' Equity
|12 Months Ended
Jun. 30, 2022
|Notes to Financial Statements
|Stockholders' Equity Note Disclosure [Text Block]
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, 2022 and 2021, 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 (the “Share Repurchase Program”) during fiscal 2022 or fiscal 2021. As of June 30, 2022, we had a remaining Board authorization to repurchase 2,007,364 shares of our common stock pursuant to our 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.
We repurchased the following shares of our common stock (on a trade date basis) under our existing share repurchase program as follows:
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.
In August 2021 we paid a special cash dividend of $0.75 per share. In November 2021, the Board of Directors increased the cash dividend by 16% to $0.29 per share and in April 2022 the dividend was increased again by 10% to $0.32 per share. In addition to the special cash dividend paid during August 2021, we paid four regular quarterly cash dividends during fiscal 2022. Total cash dividends paid to shareholders in fiscal 2022 was $1.90 per share and totaled $48.3 million. During fiscal 2021, total cash dividends paid was $43.3 million.