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Stockholders' Equity
 3 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
 Common Stock
 
As of September 30, 2020, we had 32,953,837 shares of common stock outstanding.

The Company began paying quarterly cash dividends on common stock in December 2013. We paid dividends of $823,846 and $3,306,408 to our common stockholders during the three months ended September 30, 2020 and 2019, respectively. The following table reflects the dividends paid within the respective three-month periods:
Common Stock Cash Dividends per Share20202019
First quarter ended September 30,$0.025 $0.10 

In May 2015, the Board of Directors approved a share repurchase program covering up to $5.0 million of the Company's common stock. Since inception of the program through September 30, 2020, the Company spent $4.0 million to repurchase 706,858 common shares at an average price of $5.72 per share. There were no shares purchased under this program during the three months ended September 30, 2020. 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.

During the three months ended September 30, 2020 and 2019, 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,
20202019
Number of treasury shares acquired2,632 231,376 
Average cost per share$2.79 $5.89 
Total cost of treasury shares acquired$7,348 $1,362,424 

 Expected Tax Treatment of Dividends
For the fiscal year ended June 30, 2020, 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, 2021, we expect all common stock dividends for such period to be treated as qualified dividend income to the recipients. Such projections are based on our reasonable expectations as of September 30, 2020 and are subject to change based on our final tax calculations at the end of the fiscal year.