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Stockholders' Equity | 12 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity During the fiscal years ended June 30, 2024 and 2023, the Company issued zero shares of common stock as a result of the exercise of options. During the fiscal years ended June 30, 2024 and 2023, the Company issued 1.0 million and 0.3 million shares, respectively, under the Company's equity incentive plans. During the fiscal years ended June 30, 2024 and 2023, 0.2 million and 47,000 shares, respectively, of restricted stock were canceled or surrendered as payment of tax withholding upon vesting. During the fiscal years ended June 30, 2024 and 2023, the Company sold 0.1 million and 0.1 million shares under its 2019 Employee Stock Purchase Plan, respectively. On November 27, 2017, the Company's board approved a stock repurchase program, which was subsequently amended on February 1, 2019. Under the currently approved stock repurchase program, the Company is authorized to purchase up to $60 million through December 31, 2026. The stock repurchase program permits the Company to purchase shares from time to time through a variety of methods, including in the open market, through privately negotiated transactions or other means as determined by the Company's management, in accordance with applicable securities laws. As part of the stock repurchase program, the Company may enter into a pre-arranged stock repurchase plan which operates in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Accordingly, any transactions under such stock repurchase plan would be completed in accordance with the terms of the plan, including specified price, volume, and timing conditions. T he stock repurchase program may be suspended or discontinued at any time. During the year ended June 30, 2024, the Company purchased 1.0 million shares of its common stock at an aggregate purchase price of $6.4 million under this repurchase program. During the fiscal year ending June 30, 2023, the Company purchased 0.2 million shares of its common stock at an aggregate purchase price of $0.8 million under this repurchase program. At June 30, 2024, there is $20.4 million remaining under this stock repurch ase program. On August 30, 2023, the board approved a stockholder rights agreement (the “Rights Plan”) and declared a dividend of one right for each outstanding share of common stock to stockholders of record on September 11, 2023. Each right entitles holders to purchase one newly issued share of preferred stock at an exercise price of $20 per right, subject to adjustment. Initially, the rights are not exercisable and trade with shares of the Company’s common stock. In general, the rights become exercisable following a public announcement that a person acquires 12% (or, in the case of passive investors, 20%) or more of the outstanding shares of the Company’s common stock. If a person becomes an acquiring person, each holder of rights (except the acquiring person) will have the right to purchase, for the purchase price, a number of shares of the Company’s common stock at a 50% discount to the then-current trading price. Rather than allowing the rights to be exercised in those circumstances, the board may exchange each right, other than the rights owned by the acquiring person, for a share of the Company’s common stock. The agreement provides for exceptions and additional terms for other certain situations and circumstances. The Rights Plan is intended to protect the interests of the Company and its stockholders by reducing the likelihood that any entity, person or group gains control of the Company through open-market accumulation or other means without payment of an adequate control premium and expires August 28, 2024. There is currently no impact to the Company’s Consolidated Financial Statements. The Company’s Certificate of Incorporation authorizes the designation and issuance of shares of preferred stock. However, as of June 30, 2024, none have been issued nor have any rights or preferences been assigned to the preferred stock by the Company’s board. Dividends The Company paid a one-time cash dividend of $0.40 per share of common stock to stockholders of record in September 2023, quarterly cash dividends of $0.035 per share of common stock to stockholders of record in September 2023, December 2023 and March 2024, and $0.04 per share of common stock in June 2024 which were in the aggregate amount of $6.9 million, or 0.545 per share of common stock for the fiscal year ended June 30, 2024. For the fiscal year ended June 30, 2023, the Company paid to stockholders quarterly cash dividends totaling $1.6 million, or $0.125 per share of common stock. The declaration of dividends is subject to the discretion of the board and will depend upon various factors, including the Company's earnings, financial condition, restrictions imposed by any indebtedness that may be outstanding, cash requirements, future prospects, and other factors deemed relevant by the board.

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