Note I - Shareholders' Equity

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

I.   SHAREHOLDERS' EQUITY

The total number of shares of common stock outstanding at June 30, 2021 and 2020 was 13,648,663 and 13,405,993, respectively. At June 30, 2021 and 2020, treasury stock consisted of 984,139 and 1,226,809 shares of common stock, respectively. The Company issued 249,480 and 186,226 shares of treasury stock in fiscal 2021 and 2020, respectively, to fulfill its obligations under its incentive compensation plans. The Company also recorded forfeitures of 6,809 and 20,511 shares of previously issued restricted stock in fiscal 2021 and 2020, respectively. The difference between the cost of treasury shares and the option price is recorded in common stock.

Under an authorization given by the Board of Directors on July 27, 2012, the Company is permitted to make open market purchases of its common stock.  The Company did not make any open market purchases during the two most recent fiscal years.  As of June 30, 2021 and 2020, 315,000 shares remain authorized for purchase.

Cash dividends per share were $0.00 in both fiscal 2021 and 2020.

The Company is authorized to issue 200,000 shares of preferred stock, none of which have been issued. The Company has designated 150,000 shares of the preferred stock as Series A Junior Preferred Stock.

The components of accumulated other comprehensive loss included in equity as of June 30, 2021 and 2020 are as follows:

	2021			2020
Translation adjustments	$	9,192		$	3,454
Net loss on cash flow hedge derivatives, net of income taxes of $211 and $341, respectively		(678	)		(1,104	)
Net gain on net investment hedge derivatives, net of income taxes of $103 and $0, respectively		334			-
Benefit plan adjustments, net of income taxes of $9,537 and $13,316 respectively		(31,463	)		(43,576	)
Accumulated other comprehensive loss	$	(22,615	)	$	(41,226	)

A reconciliation for the changes in accumulated other comprehensive loss, net of tax, by component for the years ended June 30, 2021 and June 30, 2020 is as follows:

	Translation		Benefit Plan			Cash Flow			Net Investment
	Adjustment		Adjustment			Hedges			Hedges
Balance at June 30, 2020	$	3,454	$	(43,576	)	$	(1,104	)	$	-
Other comprehensive loss before reclassifications		5,738		9,783			426			334
Amounts reclassified from accumulated other comprehensive loss		-		2,330			-			-
Net current period other comprehensive income		5,738		12,113			426			334
Balance at June 30, 2021	$	9,192	$	(31,463	)	$	(678	)	$	334

	Translation			Benefit Plan			Cash Flow
	Adjustment			Adjustment			Hedges
Balance at June 30, 2019	$	4,439		$	(41,901	)	$	(509	)
Other comprehensive loss before reclassifications		(985	)		(3,792	)		(595	)
Amounts reclassified from accumulated other comprehensive loss		-			2,117			-
Net current period other comprehensive loss		(985	)		(1,675	)		(595	)
Balance at June 30, 2020	$	3,454		$	(43,576	)	$	(1,104	)

A reconciliation for the reclassifications out of accumulated other comprehensive loss, net of tax, for the year ended June 30, 2021 is as follows:

	Amount
	Reclassified
Amortization of benefit plan items
Actuarial losses	$	(3,246	)
Transition asset and prior service benefit		187
Total before tax benefit		(3,059	)
Tax benefit		729
Total reclassification net of tax	$	(2,330	)

A reconciliation for the reclassifications out of accumulated other comprehensive loss, net of tax, for the year ended June 30, 2020 is as follows:

	Amount
	Reclassified
Amortization of benefit plan items
Actuarial losses	$	(2,982	)
Transition asset and prior service benefit		195
Total before tax benefit		(2,787	)
Tax benefit		670
Total reclassification net of tax	$	(2,117	)