XML 34 R21.htm IDEA: XBRL DOCUMENT v3.24.2.u1
EARNINGS PER SHARE AND COMMON STOCK
 12 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE AND COMMON STOCK

13. EARNINGS PER SHARE AND COMMON STOCK

The factors used in the earnings per share computation are as follows:

 

 

2024

 

 

2023

 

 

2022

 

Net income from continuing operations

 

$

8,722

 

 

$

90,452

 

 

$

87,945

 

Loss from discontinued operations, net of tax

 

 

(922

)

 

 

(21,515

)

 

 

(29,731

)

Net income

 

$

7,800

 

 

$

68,937

 

 

$

58,214

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares — basic

 

 

16,930,348

 

 

 

17,618,797

 

 

 

18,455,226

 

Dilutive effect of assumed exercises of stock options

 

 

—

 

 

 

5,270

 

 

 

11,110

 

Dilutive effect of assumed restricted share awards/units

 

 

107,957

 

 

 

141,050

 

 

 

170,176

 

Weighted average outstanding shares — diluted

 

 

17,038,305

 

 

 

17,765,117

 

 

 

18,636,512

 

Basic net income (loss) per share

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.52

 

 

$

5.13

 

 

$

4.77

 

Discontinued operations

 

 

(0.06

)

 

 

(1.22

)

 

 

(1.62

)

Net income

 

$

0.46

 

 

$

3.91

 

 

$

3.15

 

Diluted net income (loss) per share

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.51

 

 

$

5.09

 

 

$

4.72

 

Discontinued operations

 

 

(0.05

)

 

 

(1.21

)

 

 

(1.60

)

Net income

 

$

0.46

 

 

$

3.88

 

 

$

3.12

 

 

For the years ended June 30, 2024, 2023, and 2022, an immaterial number of shares were excluded from the computation of diluted earnings per share as the effect would have been anti-dilutive.

Stock Repurchase Program

On June 24, 2021, the board of directors of the Company authorized a stock repurchase program that allows for the repurchase of up to $50.0 million of the Company’s common stock during the three-year period ended June 24, 2024. As of June 30, 2023, $1.6 million remained available under this program, all of which was fully utilized during the fiscal 2024 first quarter ended October 1, 2023.

On July 24, 2023, the board of directors of the Company authorized a new share repurchase program under which the Company may repurchase up to $50 million of its outstanding shares of common stock. The new authorization became effective upon the completion of the Company’s existing $50 million share repurchase authorization. As of June 30, 2024, $35.4 million remained available under the new authorization.

During the fiscal years ended June 30, 2024, 2023 and 2022, the Company repurchased 750,943 shares, 872,055 shares and 975,161 shares of common stock for $16.3 million, $22.9 million and $25.5 million in cash, including related fees and expenses.