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Shareholders' Equity
9 Months Ended
Mar. 31, 2021
Federal Home Loan Banks [Abstract]  
Shareholders' Equity

Note 4. – Shareholders’ Equity

 

Stock-Based Compensation For the three months ended March 31, 2021 and 2020, the Company recognized  no stock-based compensation for options issued to employees and directors of the Company. For the nine months ended March 31, 2021 and 2020, the Company recognized  $0 and $28, respectively, of 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 no share options granted during the three and nine months ended March 31, 2021. There were 50,000 share options granted under the 2011 Director Stock Option Plan during the nine months ended March 31, 2020. During the three months ended March 31, 2021, 60,000 share options were exercised in a cash-less option  exchange which resulted in an additional 20,732 commons shares being issued.  

 

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.  As of March 31, 2020, a total of 87,534 shares had been repurchased at a cost of approximately $101. The chart below shows by month the total shares repurchased and average price per share paid for the 2019-2020 Program through March 31, 2020 and for the 2019-2020 Program in total.

 

 

 

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

 

 

 

 

87,534

 

 

$

1.15

 

 

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.