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Stockholders' Equity | 12 Months Ended
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Jun. 30, 2020
Equity [Abstract] |
Stockholders' Equity | Stockholders' Equity Common Stock As of June 30, 2020, we had 32,956,469 shares of common stock outstanding. The Company began paying quarterly cash dividends on common stock in December 2013. As of June 30, 2020, we have cumulatively paid $70.2 million in cash dividends. We paid dividends of $10,740,754 and $13,272,058 from retained earnings to our common shareholders during the years ended June 30, 2020 and 2019, respectively. The following table reflects the dividends paid per common share in each quarter within the respective two fiscal years:
| Fiscal Year
| 2020 |  | 2019
Fourth quarter ended June 30, | $0.025 |  | $0.100
Third quarter ended March 31, | $0.100 |  | $0.100
Second quarter ended December 31, | $0.100 |  | $0.100
First quarter ended September 30, | $0.100 |  | $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. Since inception of the program through June 30, 2020, the Company has spent $4.0 million to repurchase 706,858 common shares at an average price of $5.72 per share. Under the program's terms, shares are repurchased only on the open market and in accordance with the requirements of the SEC. 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. The Company has also acquired treasury stock from holders of newly vested stock-based awards to fund the recipients' payroll tax withholding obligations. Such shares were valued at fair market value on the date of vesting. The treasury shares were subsequently canceled. The following summarized the Company's treasury stock purchases in its last two fiscal years.
| Common Shares Acquired |  | Average Price per Share |  | Treasury Stock Purchases
Year Ended June 30, 2020: |  |  |  |  |
Shares surrendered for tax withholding upon vesting | 9,255 |  |  | $5.90 |  | $ | 54,565 |
Share repurchase program | 440,666 |  |  | $5.51 |  | 2,428,792 |
Total | 449,921 |  |  | $5.52 |  | $ | 2,483,357 |
Year Ended June 30, 2019: |  |  |  |  |
Shares surrendered for tax withholding upon vesting | 17,994 |  |  | $8.57 |  | $ | 154,179 |
Share repurchase program | 430 |  |  | $6.07 |  | 2,612 |
Total | 18,424 |  |  | $8.51 |  | $ | 156,791 |
Tax Treatment of Dividends to Recipients Based on our current projections for the fiscal year ended June 30, 2020, we expect that 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, 2019, all common stock dividends for that fiscal year were treated for tax purposes as qualified dividend income to the recipients.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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