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Stockholders' Equity
12 Months Ended
Jun. 30, 2017
Equity [Abstract]  
Stockholders' Equity
Stockholders' Equity
Common Stock

As of June 30, 2017, we had 33,087,308 shares of common stock outstanding.

In December 2013, the Board of Directors initiated a quarterly cash dividend on our common stock at a quarterly rate of $0.10 per share. This rate was subsequently adjusted to $0.05 per share during the quarter ended March 31, 2015. During the year ended June 30, 2017, the Board of Directors made two increases to the quarterly cash dividend, resulting in rates of $0.065 per share for the December 31, 2016 dividend payment and $0.07 per share for the March 31, 2017 dividend payment. We paid total cash dividends of $8,432,435, $6,565,823 and $9,833,642 to our common shareholders during the years ended June 30, 2017, 2016 and 2015, respectively.

In May 2015, the Board of Directors approved a share repurchase program covering up to $5 million of the Company's common stock. As of June 30, 2017, we have repurchased 265,762 shares at an average price of $6.05 per share, for total cost of $1,609,008. Under the program's terms, shares are repurchased only on the open market and in accordance with the requirements of the Securities and Exchange Commission. Such shares are initially recorded as treasury stock, then subsequently canceled. The timing and amount of repurchases depends upon several factors, including financial resources and market and business conditions. There is no fixed termination date for this repurchase program, and it may be suspended or discontinued at any time. We have not repurchased any shares since December 2015.

During the year ended June 30, 2017, the Company acquired 83,675 shares of treasury stock at an average cost of $6.42 per share (totaling $537,014) from holders of newly vested stock-based awards to fund the recipients' payroll taxes paid in the year. The treasury shares were subsequently canceled.
During the year ended June 30, 2016, the Company purchased 202,390 shares of treasury stock at an average cost of $5.80 per share (totaling $1,173,899) under its share repurchase program and also acquired 16,292 shares of treasury stock at an average cost of $5.49 per share (totaling $89,503) from holders of newly vested stock-based awards to fund the recipients' payroll taxes paid in the year. All treasury shares were subsequently canceled.
During the year ended June 30, 2015, the Company purchased 63,372 shares of treasury stock at an average cost of $6.87 per share (totaling $435,109) under its share repurchase program and also acquired 7,535 shares of treasury stock at an average cost of $9.16 per share (totaling $69,015) from holders of newly vested stock-based awards to fund the recipients' payroll taxes paid in the year. All treasury shares were subsequently canceled.
Series A Cumulative Perpetual Preferred Stock Called for Redemption
On September 30, 2016, the Company elected to redeem all 317,319 outstanding shares of the Company’s 8.5% Series A Cumulative (perpetual) Preferred Stock. The redemption occurred on November 14, 2016 at the redemption value of $25.00 per share plus all accumulated and unpaid distributions, for an aggregate redemption cost of $7,932,975.

On September 30, 2016, in connection with the planned redemption, the Company recorded a deemed dividend of $1,002,440, representing the difference between the redemption consideration paid and the historical net issuance proceeds of the preferred shares. Accordingly, net income was adjusted for this deemed dividend to determine net income attributable to common shareholders and earnings per common share.

Dividends on the Series A Cumulative Preferred Stock accrued and accumulated at a fixed rate of 8.5% per annum on the $25.00 per share liquidation preference, payable monthly. During the year ended June 30, 2017, we paid cash dividends of $250,990 to holders of our Series A Preferred Stock. During each of the years ended June 30, 2016 and 2015, we paid cash dividends of $674,302.

Tax Treatment of Dividends to Recipients

Based on our current projections for the fiscal year ending June 30, 2017, we expect all preferred and common dividends to be treated for tax purposes as qualified dividend income to the recipients. For the fiscal year ended June 30, 2016, all preferred and common dividends for this fiscal year were treated for tax purposes as qualified dividend income to the recipients. For fiscal year ended June 30, 2015, 100% of cash dividends on preferred stock were treated as qualified dividend income. For the same period, approximately 86% of cash dividends on common shares were treated as a return of capital to stockholders and the remainder of 14% were treated as qualified dividend income.