In May 2019, the Company’s Board of Directors (“Board”) authorized a new stock repurchase program allowing for the repurchase of up to $8.0 million of the Company’s outstanding shares of common stock in open market purchases, privately negotiated transactions, or through other structures in accordance with applicable federal securities laws. The authorization was effective immediately.

The timing and actual number of repurchases will depend on a variety of factors, including stock price, corporate and regulatory requirements and other market and economic conditions. The Company’s stock repurchase program may be suspended or discontinued at any time.

In August 2019, the Company’s Board authorized additional repurchases of up to $1.0 million of the Company’s outstanding shares.

The table shown on the next page summarizes treasury share transactions under the Company’s stock repurchase program.

	Three months ended June 30, (In thousands)
	2020					2019
	Number of Shares		Amount			Number of Shares		Amount
Treasury shares at the beginning of period		4,833	$	(71,438	)		4,714	$	(70,459	)
Treasury shares purchased		5		(28	)		-		-
Treasury shares at the end of period		4,838	$	(71,466	)		4,714	$	(70,459	)

For the three months ended June 30, 2020, the Company repurchased a total of 4,712 shares of common stock at an aggregate cost of $28 thousand and average cost per share of $5.82. The total shares repurchased through July 31, 2020 under the plan in aggregate is 123,751 shares of common stock for $1.0 million at an average price of $8.05 in accordance with Rule 10b5-1 and Rule 10b-18 under the Exchange Act of 1934.