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Stockholders' Equity
 9 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
 Common Stock
 
As of March 31, 2022, the Company had 33,719,621 shares of common stock outstanding.

The Company began paying quarterly cash dividends on common stock in December 2013. As of March 31, 2022, the Company has cumulatively paid over $82.9 million in cash dividends. The Company paid dividends of $8.4 million and $2.7 million to its common stockholders during the nine months ended March 31, 2022 and 2021, respectively. The following table reflects the dividends paid within the respective quarterly periods:
Common stock cash dividends per share20222021
First quarter ended September 30,$0.075 $0.025 
Second quarter ended December 31, $0.075 $0.025 
Third quarter ended March 31,$0.100 $0.030 

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, 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 nine months ended March 31, 2022 and 2021. Under the program's terms, shares are repurchased only on the open market and in accordance with the requirements of the Securities Exchange Commission ("SEC"). Such shares are initially recorded as treasury stock, then subsequently cancelled. 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 nine months ended March 31, 2022 and 2021, 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 cancelled. 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:
Nine Months Ended
March 31,
20222021
Number of treasury shares acquired7,385 2,632 
Average cost per share$5.09 $2.79 
Total cost of treasury shares acquired$37,596 $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 its 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 March 31, 2022 and are subject to change based on the final tax calculations at the end of the fiscal year.