SHARE REPURCHASE PROGRAM

6 Months Ended

Dec. 31, 2016

Equity [Abstract]

SHARE REPURCHASE PROGRAM

NOTE 13. SHARE REPURCHASE PROGRAM

In September, 2013 our Board approved a share repurchase program authorizing the Company to repurchase up to 750,000 shares of our common stock. In accordance with, and as part of, this share repurchase program, our Board approved, on March 22, 2016, the adoption of a prearranged share repurchase plan intended to qualify for the safe harbor Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (“10b5-1 Plan” or “Plan”). The Plan became effective on March 23, 2016 and terminated on July 6, 2016 in accordance with its provisions. During the quarter ended September 30, 2016, we repurchased 9,107 shares at an aggregate cost of $49,000, inclusive of fees pursuant to this Plan. Additionally, during the quarter ended September 30, 2016, the Board approved a subsequent 10b5-1 Plan, which became effective on September 8, 2016 and terminates on the earlier of September 8, 2017 or when and if the maximum shares are repurchased. During the quarter ended December 31, 2016, the Investment Committee of the Board approved an additional concurrently running 10b5-1 Plan, which became effective on December 8, 2016 and terminates on the earlier of December 8, 2017 or when and if the maximum shares are repurchased. During the quarter ended December 31, 2016, we repurchased 26,668 shares at an aggregate cost of $119,000 inclusive of fees under the Plans. On a cumulative basis, we have repurchased a total of 205,236 shares under the share repurchase program at an aggregate cost of $777,000. All repurchases under the 10b5-1 Plans were administered through an independent broker.