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Stockholders' Equity
 6 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common Stock
 
As of December 31, 2021, the Company had 33,688,679 shares of common stock outstanding.

The Company began paying quarterly cash dividends on common stock in December 2013. As of December 31, 2021, Evolution has cumulatively paid over $79.5 million in cash dividends. We paid dividends of $5,044,789 and $1,661,110 to our common stockholders during the six months ended December 31, 2021 and 2020, respectively. The following table reflects the dividends paid within each respective three-month period:
Common Stock Cash Dividends per Share20212020
First quarter ended September 30,$0.075 $0.025 
Second quarter ended December 31,$0.075 $0.025 

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 December 31, 2021, 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 repurchased under this program during the six months ended December 31, 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 six months ended December 31, 2021 and 2020, the Company 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:
Six Months Ended
December 31,
20212020
Number of treasury shares acquired353 2,632 
Average cost per share$4.53 $2.79 
Total cost of treasury shares acquired$1,599 $7,348 

 Expected Tax Treatment of Dividends
For the fiscal year ended June 30, 2021, all common stock dividends were treated for tax purposes as qualified dividend income to recipients. Based on current projections for the fiscal year ending June 30, 2022, the Company expects all common stock dividends for such period to be treated as qualified dividend income to the recipients. Such projections are based on reasonable expectations as of December 31, 2021 and are subject to change based on the final tax calculations at the end of the fiscal year.