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Shareholders' Equity
3 Months Ended
Sep. 30, 2019
Federal Home Loan Banks [Abstract]  
Shareholders' Equity

Note 4. – Shareholders’ Equity

2018 Common Share Repurchase Program – On November 29, 2018, the Company announced a share repurchase program (“2018 Program”) approved by its Board of Directors, which authorized the Company to purchase up to 300,000 shares of its common shares.  On December 13, 2018, the Company announced it had purchased the 300,000 shares authorized under the 2018 Program, and that its Board of Directors had authorized an additional 450,000 shares to be purchased under the 2018 Program.  As of September 30, 2019, a total of 359,959 shares had been repurchased at a cost of $372, excluding fees and expenses relating to the offer. A total of 359,959 shares were purchased in open market transactions or privately negotiation transactions pursuant to the 2018 Program before its termination on October 3, 2019.   The chart below shows by month the total shares repurchased and average price per share paid for the 2018 Program prior to its termination.

 

 

 

Total Shares

 

 

Average Price

 

 

 

Purchased

 

 

Per Share Paid

 

November 2018

 

 

1,235

 

 

$

1.14

 

December 2018

 

 

358,724

 

 

 

1.03

 

Total

 

 

359,959

 

 

$

1.03

 

 

2019 Common Share Repurchase Program – On October 8, 2019, the Company announced a share repurchase program (“2019 Program”) approved by its Board of Directors which authorizes the Company to purchase up to $750 of its common shares in the open market.  As of the date of this filing, no shares have been repurchased under the 2019 Program.

 

 

Stock-Based Compensation For the three months ended September 30, 2019 and 2018, the Company recognized $28 and $1, respectively, in stock-based compensation for options issued to employees and directors of the Company.   The fair value of the share options granted was estimated using the Black-Scholes option-pricing model.  There were 50,000 share options granted under the 2011 Director Stock Option Plan during the three months ended September 30, 2019, and no shares granted under the 2011 Director Stock Option Plan during the three months ended September 30, 2018.