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STOCKHOLDERS' EQUITY | 12 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITYCommon Stock Repurchases. On August 6, 2019 the Company announced a program to repurchase up to $100 million of its common stock and on April 27, 2023, the Company announced a program to repurchase up to $100 million of its common stock. The new share repurchase authorization is in addition to the existing share repurchase plan announced on August 6, 2019. The Company may repurchase shares on the open market or through privately negotiated transactions at times and prices considered appropriate, at the discretion of the Company, and subject to its assessment of alternative uses of capital, stock trading price, general market conditions and regulatory factors. The repurchase program does not obligate the Company to acquire any specific number of shares. The share repurchase program will continue in effect until terminated by the Board. Under the August 6, 2019 authorization, the Company repurchased a total of $96.3 million, or 3,721,014 common shares at an average price of $25.89 per share and there remains $3.7 million under the plan. During the year ended June 30, 2023, the Company repurchased a total of $49.3 million, or 1,321,161 common shares at an average price of $37.28 per share. The Company did not repurchase common stock during the year ended June 30, 2022. The Company accounts for treasury stock using the cost method as a reduction of stockholders’ equity in the accompanying consolidated financial statements. Preferred Stock. The Company redeemed for cash all 515 outstanding shares of Series A-6% Cumulative Nonparticipating Perpetual Preferred Stock on October 30, 2020, at the face value $10,000 liquidation price per share plus accrued dividends. Dividends totaling $0.1 million were declared in the year ended June 30, 2021 prior to redemption.

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