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Shareholders' Equity
12 Months Ended
Jun. 30, 2020
Federal Home Loan Banks [Abstract]  
Shareholders' Equity

10. SHAREHOLDERS’ EQUITY

Employee and Directors Stock Option Plans —The 2011 Director Stock Option Plan was approved by SunLink’s shareholders at the Annual Meeting of Shareholders on November 7, 2011. This plan permits the grant of options to non-employee directors of SunLink for the purchase of up to 300,000 common shares through November 2021.  Options for 50,000 shares were granted during the fiscal year ended June 30, 2020 and no options were granted during the fiscal year ended June 30, 2019. No options have been exercised under this plan. Options outstanding under the plan were 300,000 shares at June 30, 2020. 

The 2005 Equity Incentive Plan approved by SunLink’s shareholders on November 7, 2005 permitted the grant of options to employees, non-employee directors and service providers of SunLink for the purchase of up to 800,000 common shares plus the number of unused shares under its 2001 Plans, which were 30,675. No options have been exercised under this Plan. No option shares were granted during the fiscal years ended June 30, 2020 and 2019, respectively. Options for 165,000 shares were forfeited during the fiscal year ended June 30, 2020. Options outstanding under this Plan were 180,000 at June 30, 2020. No additional awards may be granted under this Plan.

The activity of Company’s share options is shown in the following table:

 

 

 

Number of

Shares

 

 

Weighted-

Average

Exercise Price

 

 

Range of

Exercise

Prices

Options outstanding June 30, 2018

 

 

651,000

 

 

$

1.52

 

 

$0.71 - $2.51

Granted

 

 

0

 

 

N/A

 

 

N/A

Forfeited

 

 

(56,000

)

 

 

1.46

 

 

$0.71 - $2.51

Options outstanding June 30, 2019

 

 

595,000

 

 

$

1.53

 

 

$0.71 - $2.09

Granted

 

 

50,000

 

 

1.38

 

 

1.38

Forfeited

 

 

(165,000

)

 

 

2.01

 

 

$1.79 - $2.09

Options outstanding June 30, 2020

 

 

480,000

 

 

$

1.35

 

 

$0.71 - $1.79

Options exercisable June 30, 2019

 

 

595,000

 

 

$

1.52

 

 

$0.71 - $2.51

Options exercisable June 30, 2020

 

 

480,000

 

 

$

1.35

 

 

$0.71 - $1.79

 

For the fiscal years ended June 30, 2020 and 2019, the Company recognized $28 and $1, respectively, of compensation expense for share options issued. As of June 30, 2020, there was no unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plans.

Information with respect to stock options outstanding and exercisable at June 30, 2020 is as follows:

 

Exercise

Prices

 

 

Number

Outstanding

 

 

Weighted-Average

Remaining

Contractual Life

(in years)

 

 

Number

Exercisable

 

$

0.71

 

 

 

15,000

 

 

 

3.21

 

 

 

15,000

 

$

1.21

 

 

 

60,000

 

 

 

6.21

 

 

 

60,000

 

$

1.22

 

 

 

190,000

 

 

 

2.18

 

 

 

190,000

 

$

1.38

 

 

 

50,000

 

 

 

9.20

 

 

 

50,000

 

$

1.49

 

 

 

90,000

 

 

 

4.18

 

 

 

90,000

 

$

1.67

 

 

 

50,000

 

 

 

1.36

 

 

 

50,000

 

$

1.79

 

 

 

25,000

 

 

 

5.20

 

 

 

25,000

 

 

 

 

 

 

480,000

 

 

 

3.90

 

 

 

480,000

 

 

No options were exercised during the years ended June 30, 2020 and 2019. As of June 30, 2020, and 2019, the aggregate intrinsic value of options outstanding and options exercisable were $132 and $74, respectively.

 

Common Share Purchase Transactions

2019-2020 Common Share Repurchase Program – On October 8, 2019, the Company announced a share repurchase program (“2019-2020 Program”) approved by its Board of Directors which authorized the Company to purchase up to $750 of its common shares in the open market.  On March 24, 2020, the Company announced that it had suspended the 2019-2020 Program in light of the COVID-19 pandemic and on June 1, 2020, the Company terminated the 2019-2020 program. The total number of shares that have been purchased under the Plan is 87,534 and the cost of such shares was approximately $101. The chart below shows by month the total shares repurchased and average price per share paid for the 2019-2020 Program.

 

 

 

Total Shares

 

 

Average Price

 

 

 

Purchased

 

 

Per Share Paid

 

November 2019

 

 

935

 

 

$

1.17

 

December 2019

 

 

2,879

 

 

 

1.18

 

January 2020

 

 

4,272

 

 

 

1.15

 

February 2020

 

 

33,873

 

 

 

1.22

 

March 2020

 

 

45,575

 

 

 

1.09

 

Total

 

 

87,534

 

 

$

1.15

 

 

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 program, and that its Board of Directors had authorized an additional 450,000 shares to be purchased under the 2018 Program. The total number of shares that was purchased under the 2018 Program was 359,959 and the cost of shares purchased was approximately $372. 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

 

 

Accumulated Other Comprehensive Loss —Information with respect to the balances of each classification within accumulated other comprehensive loss is as follows:

 

 

 

Minimum

Pension

Liability

Adjustment

 

 

Accumulated

Other

Comprehensive

Loss

 

June 30, 2018

 

$

(177

)

 

$

(177

)

Current period change

 

 

(76

)

 

 

(76

)

June 30, 2019

 

$

(253

)

 

$

(253

)

Current period change

 

 

(86

)

 

 

(86

)

June 30, 2020

 

$

(339

)

 

$

(339

)