Shareholders' Equity

12 Months Ended

Jun. 30, 2021

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.  No options were granted during the fiscal year ended June 30, 2021 and options for 50,000 shares were granted during the fiscal year ended June 30, 2020.Options for 70,000 shares were exercised during the fiscal year ended June 30, 2021. Options outstanding under the plan were 230,000 shares at June 30, 2021. 

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, 2021 and 2020, 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, 2021. 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, 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
Granted		0		NA		NA
Exercised		(70,000	)		1.39	$0.71-$1.79
Options outstanding June 30, 2021		410,000		$	1.34	$0.71 - $1.79
Options exercisable June 30, 2020		480,000		$	1.35	$0.71 - $1.79
Options exercisable June 30, 2021		410,000		$	1.34	$0.71 - $1.79

For the fiscal years ended June 30, 2021 and 2020, the Company recognized $0 and $28, respectively, of compensation expense for share options issued. As of June 30, 2021, 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, 2021 is as follows:

Exercise Prices		Number Outstanding		Weighted-Average Remaining Contractual Life (in years)		Number Exercisable
$	0.71		12,000		2.21		12,000
$	1.21		48,000		5.21		48,000
$	1.22		170,000		1.18		170,000
$	1.38		40,000		8.20		40,000
$	1.49		90,000		3.18		90,000
$	1.67		30,000		0.36		30,000
$	1.79		20,000		4.20		20,000
			410,000		2.89		410,000

  Options for 70,000 shares were exercised during the year ended June 30, 2021 and no options were exercised during the fiscal year ended June 30, 2020. As of June 30, 2021 and 2020, the aggregate intrinsic value of options outstanding and options exercisable were $594 and $132, 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 purchased under the Plan was 87,534 and the total cost of such shares was approximately $101 on an average price of per share of $1.15. 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

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, 2019	$	(253	)	$	(253	)
Current period change		(86	)		(86	)
June 30, 2020	$	(339	)	$	(339	)
Current period change		177			177
June 30, 2021	$	(162	)	$	(162	)