Stockholders’ Equity

Common Stock

As of December 31, 2018, we had 33,186,665 shares of common stock outstanding.

The Company began paying quarterly cash dividends on common stock in December 2013. We paid dividends of $6,634,896 and $4,969,335 to our common stockholders during the six months ended December 31, 2018 and 2017, respectively. The following table reflects the dividends paid within the respective three month periods:



	Fiscal Year
	2018		2017
First quarter ended September 30,	$	0.10	$	0.075
Second quarter ended December 31,	$	0.10	$	0.075

In May 2015, the Board of Directors approved a share repurchase program covering up to $5 million of the Company's common stock. Between June 2015 and December 2015, the Company spent $1,609,008 to repurchase 265,762 common shares at an average price of $6.05 per share. There have been no shares repurchased in the open market since December 2015. 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.

During the six months ended December 31, 2018 and 2017, the Company 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, as reflected in the following table:



	Six Months Ended December 31,
	2018		2017
Number of treasury shares acquired	15,489		55,018
Average cost per share	$	8.95	$	7.19
Total cost of treasury shares acquired	$	138,638	$	395,550

Expected Tax Treatment of Dividends

For the fiscal year ended June 30, 2018, all common dividends were treated for tax purposes as qualified dividend income to recipients. Based on our current projections for the fiscal year ending June 30, 2019, we expect all common dividends for such period to be treated as qualified dividend income. Such projections are based on our reasonable expectations as of December 31, 2018 and are subject to change based on our final tax calculations at the end of the fiscal year.