Stockholders' Equity

Common Stock

As of June 30, 2019, we had 33,183,730 shares of common stock outstanding.

The Company began paying quarterly cash dividends on common stock in December 2013. As of June 30, 2019, we have cumulatively paid $59.4 million in cash dividends. We paid dividends of $13,272,058 and $11,594,541 from retained earnings to our common shareholders during the years ended June 30, 2019 and 2018, respectively. The following table reflects the dividends paid per common share in each quarter within the respective two fiscal years:



	Fiscal Year
	2019	2018
Fourth quarter ended June 30,	$0.100	$0.100
Third quarter ended March 31,	$0.100	$0.100
Second quarter ended December 31,	$0.100	$0.075
First quarter ended September 30,	$0.100	$0.075

Repurchases of common shares are initially recorded as treasury stock, then subsequently canceled. On May 12, 2015, the Board of Directors approved a share repurchase program covering up to $5 million of the Company's common stock. Since commencement in June 2015, we have repurchased 266,192 shares at an average price of $6.05 per share, for total cost of $1,611,620. The timing and amount of repurchases depends upon several factors, including financial resources, 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 until June 2019 when 430 shares were repurchased at an average price of $6.07 per share. 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.

The Company has also acquired treasury stock from holders of newly vested stock-based awards to fund the recipients' payroll tax withholding obligations. The treasury shares were subsequently canceled. Such shares were valued at fair market value on the date of vesting or date of share repurchase. The following summarizes all treasury stock purchases by fiscal year:



	Fiscal Year
	2019		2018
Number of treasury shares acquired	18,424		73,208
Average cost per share	$	8.51	$	7.80
Total cost of treasury shares acquired	$	156,791	$	571,083

Tax Treatment of Dividends to Recipients

Based on our current projections for the fiscal year ended June 30, 2019, we expect all common stock dividends for this fiscal year will be treated for tax purposes as qualified dividend income to the recipients. For the fiscal year ended June 30, 2018, all common stock dividends for that fiscal year were treated for tax purposes as qualified dividend income to the recipients.