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Stockholders' Equity
 12 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock
As of June 30, 2021, we had 33,514,952 shares of common stock outstanding.
The Company began paying quarterly cash dividends on common stock in December 2013. As of June 30, 2021, we have cumulatively paid over $74.5 million in cash dividends. We paid dividends of $4,342,082 and $10,740,754 to our common stockholders during the years ended June 30, 2021 and 2020, respectively. The following table reflects the dividends paid within the respective three-month periods:
Fiscal Year
20212020
Fourth quarter ended June 30,$0.050$0.025
Third quarter ended March 31,$0.030$0.100
Second quarter ended December 31,$0.025$0.100
First quarter ended September 30,$0.025$0.100
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 June 30, 2021, the Company has 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 year ended June 30, 2021. 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 year ended June 30, 2021 and 2020, 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 last two fiscal years:
Common Shares AcquiredAverage Price per ShareTreasury Stock Purchases
Year Ended June 30, 2021:
Shares surrendered for tax withholding upon vesting2,632 $2.79 $7,347 
Share repurchase program— $— — 
Total2,632 $2.79 $7,347 
Year Ended June 30, 2020:
Shares surrendered for tax withholding upon vesting9,255 $5.90 $54,565 
Share repurchase program440,666 $5.51 2,428,792 
Total449,921 $5.52 $2,483,357 
Expected Tax Treatment of Dividends
For the fiscal year ended June 30, 2020, all common stock dividends for that fiscal year were treated for tax purposes as qualified dividend income to the recipients. Based on our current projections for the fiscal year ended June 30, 2021, we expect all common stock dividends for such period to be treated as qualified dividend income to the recipients.