Stockholders’ Equity

Common Stock

As of September 30, 2019, we had 33,003,134 shares of common stock outstanding.

The Company began paying quarterly cash dividends on common stock in December 2013. We paid dividends of $3,306,408 and $3,315,785 to our common stockholders during the three months ended September 30, 2019 and 2018, respectively. The following table reflects the dividends paid within the respective three month periods:



Common Stock Cash Dividends per Share	2019		2018
First quarter ended September 30,	$	0.10	$	0.10

In May 2015, the Board of Directors approved a share repurchase program covering up to $5 million of the Company's common stock. Since inception of the program through September 30, 2019, the Company spent $2.9 million to repurchase 488,629 common shares at an average price of $5.98 per share, including 222,437 shares at an average cost of $5.89 during the three months ended September 30, 2019. 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 three months ended September 30, 2019 and 2018, the Company 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. The following table shows all treasury stock purchases in the respective periods:



	Three Months Ended September 30,
	2019		2018
Number of treasury shares acquired (1)	231,376		9,087
Average cost per share	$	5.89	$	9.90
Total cost of treasury shares acquired	$	1,362,424	$	89,992

(1) The fiscal 2019 number of shares is net of 8,939 shares forfeited in the period.

Expected Tax Treatment of Dividends

For the fiscal year ended June 30, 2019, 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, 2020, 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 September 30, 2019 and are subject to change based on our final tax calculations at the end of the fiscal year.