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Note I - Stockholders' Equity | 12 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Equity [Text Block] | I. Stockholders’ Equity Treasury Stock On September 18, 2020, the Board of Directors authorized a $2.0 million increase to our stock repurchase plan (“Repurchase Plan”), thus bringing the total authorized repurchase amount to $12.0 million. On March 12, 2021, the Board of Directors authorized an additional $3.0 million increase to the Repurchase Plan, thus bringing the total authorized repurchase amount to $15.0 million. On January 14, 2022, the Board of Directors authorized an additional $3.0 million increase to the Repurchase Plan, thus bringing the total authorized repurchase amount to $18.0 million. Under the Repurchase Plan, we may, from time to time, purchase shares of our common stock, depending upon market conditions, in open market or privately negotiated transactions. The Fourth Amendment to the Credit Agreement with Wells Fargo effective February 13, 2024, currently prohibits most stock repurchases (see Note F). As a result, until that restriction is modified or removed, we do not intend to purchase our shares other than our longstanding practice of purchasing shares from our employees in exchange for paying the employees’ withholding tax requirements upon vesting of restricted stock held by the employee. Treasury Stock repurchases for the year ended June 30, 2024 were as follows:
|  | Shares |  |  | Average Cost |  |  | Total Cost (in thousands) |
Shares purchased under Repurchase Plan |  |  | — |  |  | $ | — |  |  | $ | — |
Shares acquired from employees for restricted stock vesting |  |  | 37,128 |  |  |  | 5.96 |  |  |  | 221 |
Total |  |  | 37,128 |  |  |  |  |  |  | $ | 221 |
Treasury Stock repurchases for the year ended June 30, 2023 were as follows:
|  | Shares |  |  | Average Cost |  |  | Total Cost (in thousands) |
Shares purchased under Repurchase Plan |  |  | 140,812 |  |  | $ | 9.19 |  |  | $ | 1,294 |
Shares acquired from employees for restricted stock vesting |  |  | 23,587 |  |  |  | 8.86 |  |  |  | 209 |
Total |  |  | 164,399 |  |  |  |  |  |  | $ | 1,503 |
Treasury stock repurchase costs include commissions and fees. Shares acquired from employees for restricted stock vesting were returned to us by the related employees and in return we paid each employee’s required tax withholding resulting from the vesting of restricted shares. The valuation of the shares acquired and thereby the number of shares returned to us was calculated based on the closing share price on the date the shares vested. Stock Incentive Plans For the years ended June 30, 2024 and June 30, 2023, the Company had no stock options outstanding. Restricted stock activity for the year ended June 30, 2024 was as follows:
|  |  |  |  |  | Weighted |
|  | Number of |  |  | Average Grant |
|  | Shares – |  |  | Date Fair |
|  | 2020 Plan |  |  | Value |
Nonvested at June 30, 2023 |  |  | 223,682 |  |  | $ | 10.39 |
Granted |  |  | 166,500 |  |  | $ | 6.09 |
Vested |  |  | (104,075 | ) |  | $ | 11.39 |
Forfeited |  |  | (3,000 | ) |  | $ | 9.59 |
Nonvested at June 30, 2024 |  |  | 283,107 |  |  | $ | 7.50 |
Available for grant at June 30, 2024 |  |  | 182,877 |  |  |  |  |
Restricted stock activity for the year ended June 30, 2023 was as follows:
|  |  |  |  |  | Weighted |
|  | Number of |  |  | Average Grant |
|  | Shares – |  |  | Date Fair |
|  | 2009 Plan |  |  | Value |
Nonvested at June 30, 2022 |  |  | 1,666 |  |  | $ | 8.50 |
Granted |  |  | — |  |  | $ | — |
Vested |  |  | (1,666 | ) |  | $ | 8.50 |
Forfeited |  |  | — |  |  | $ | — |
Nonvested at June 30, 2023 |  |  | — |  |  | $ | — |
Available for grant at June 30, 2023 |  |  | — |  |  |  |  |
|  |  |  |  |  | Weighted |
|  | Number of |  |  | Average Grant |
|  | Shares – |  |  | Date Fair |
|  | 2020 Plan |  |  | Value |
Nonvested at June 30, 2022 |  |  | 186,227 |  |  | $ | 12.56 |
Granted |  |  | 123,000 |  |  | $ | 8.79 |
Vested |  |  | (71,146 | ) |  | $ | 13.04 |
Forfeited |  |  | (14,399 | ) |  | $ | 11.69 |
Nonvested at June 30, 2023 |  |  | 223,682 |  |  | $ | 10.39 |
Available for grant at June 30, 2023 |  |  | 349,377 |  |  |  |  |
Restricted stock grants, granted to members of our Board of Directors and certain key members of our management team, vest over a period of years from the date of grant and the unvested shares cannot be sold or otherwise transferred and the right to receive dividends, if declared by our Board of Directors, is forfeitable until the shares become vested. The total remaining unrecognized compensation cost related to unvested restricted stock shares amounted to $1.7 million at June 30, 2024 and the weighted average remaining requisite service period of unvested restricted stock shares was 2.1 years.

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