Stockholders’ Equity

Common Stock

As of March 31, 2019, 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 $9,953,562 and $8,286,486 to our common stockholders during the nine months ended March 31, 2019 and 2018, respectively. The following table reflects the dividends paid within the respective three month periods:



	Fiscal Year
	2019		2018
First quarter ended September 30,	$	0.10	$	0.075
Second quarter ended December 31,	$	0.10	$	0.075
Third quarter ended March 31,	$	0.10	$	0.100

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 nine months ended March 31, 2019 and 2018, 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:



	Nine Months Ended March 31,
	2019		2018
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 stock 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 March 31, 2019 and are subject to change based on our final tax calculations at the end of the fiscal year.