Note I - Stockholders' Equity

12 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Equity [Text Block]

I. Stockholders’ Equity

Treasury Stock

On September 18, 2020, the Board of Directors authorized a $2.0 million increase to our stock repurchase plan (“Repurchase Plan”), thus bringing the total authorized repurchase amount to $12.0 million. On March 12, 2021, the Board of Directors authorized an additional $3.0 million increase to the Repurchase Plan, thus bringing the total authorized repurchase amount to $15.0 million. On January 14, 2022, the Board of Directors authorized an additional $3.0 million increase to the Repurchase Plan, thus bringing the total authorized repurchase amount to $18.0 million. Under the Repurchase Plan, we may, from time to time, purchase shares of our common stock, depending upon market conditions, in open market or privately negotiated transactions. The Fourth Amendment to the Credit Agreement with Wells Fargo effective February 13, 2024, currently prohibits most stock repurchases (see Note F). As a result, until that restriction is modified or removed, we do not intend to purchase our shares other than our longstanding practice of purchasing shares from our employees in exchange for paying the employees’ withholding tax requirements upon vesting of restricted stock held by the employee.

Treasury Stock repurchases for the year ended June 30, 2024 were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		—	$	—	$	—
Shares acquired from employees for restricted stock vesting		37,128		5.96		221
Total		37,128			$	221

Treasury Stock repurchases for the year ended  June 30, 2023 were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		140,812	$	9.19	$	1,294
Shares acquired from employees for restricted stock vesting		23,587		8.86		209
Total		164,399			$	1,503

Treasury stock repurchase costs include commissions and fees.

Shares acquired from employees for restricted stock vesting were returned to us by the related employees and in return we paid each employee’s required tax withholding resulting from the vesting of restricted shares. The valuation of the shares acquired and thereby the number of shares returned to us was calculated based on the closing share price on the date the shares vested.

Stock Incentive Plans

For the years ended June 30, 2024 and June 30, 2023, the Company had no stock options outstanding.

Restricted stock activity for the year ended June 30, 2024 was as follows:

				Weighted
	Number of			Average Grant
	Shares –			Date Fair
	2020 Plan			Value
Nonvested at June 30, 2023		223,682		$	10.39
Granted		166,500		$	6.09
Vested		(104,075	)	$	11.39
Forfeited		(3,000	)	$	9.59
Nonvested at June 30, 2024		283,107		$	7.50
Available for grant at June 30, 2024		182,877

Restricted stock activity for the year ended  June 30, 2023 was as follows:

				Weighted
	Number of			Average Grant
	Shares –			Date Fair
	2009 Plan			Value
Nonvested at June 30, 2022		1,666		$	8.50
Granted		—		$	—
Vested		(1,666	)	$	8.50
Forfeited		—		$	—
Nonvested at June 30, 2023		—		$	—
Available for grant at June 30, 2023		—

				Weighted
	Number of			Average Grant
	Shares –			Date Fair
	2020 Plan			Value
Nonvested at June 30, 2022		186,227		$	12.56
Granted		123,000		$	8.79
Vested		(71,146	)	$	13.04
Forfeited		(14,399	)	$	11.69
Nonvested at June 30, 2023		223,682		$	10.39
Available for grant at June 30, 2023		349,377

Restricted stock grants, granted to members of our Board of Directors and certain key members of our management team, vest over a period of years from the date of grant and the unvested shares cannot be sold or otherwise transferred and the right to receive dividends, if declared by our Board of Directors, is forfeitable until the shares become vested. The total remaining unrecognized compensation cost related to unvested restricted stock shares amounted to $1.7 million at June 30, 2024 and the weighted average remaining requisite service period of unvested restricted stock shares was 2.1 years.