Stockholders' Equity

6 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

11. Stockholders’ Equity

Stock Repurchases

In April 2022, the Board of Directors canceled the prior stock repurchase program that commenced in July 2017 and authorized a new stock repurchase program allowing the repurchase of up to $40.0 million worth of common stock. During the six months ended December 31, 2023, the Company repurchased and retired 247,618 shares of its common stock at an average price of $8.85 per share, at a total cost of $2.2 million (including a broker commission of $0.03 per share). Repurchases under this program took place in the

open market and were made under a Rule 10b5-1 plan. The repurchased shares of common stock were recorded as treasury stock and were accounted for under the cost method. As of December 31, 2023, approximately $16.8 million remained available for stock repurchases pursuant to the board authorization.

The Company’s accounting policy upon the retirement of treasury stock is to deduct its par value from common stock and reduce additional paid-in capital by the amount recorded in additional paid-in capital when the stock was originally issued.