Stockholders' Equity

12 Months Ended

Jun. 30, 2020

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.