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Note I - Stockholders' Equity
 12 Months Ended
Jun. 30, 2025
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. Our Credit Agreement with Wells Fargo as amended, 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, 2025 were as follows:

 

  

Shares

  

Average Cost

  

Total Cost (in thousands)

 

Shares purchased under Repurchase Plan

  —  $—  $— 

Shares acquired from employees for restricted stock vesting

  45,972   3.88   178 

Total

  45,972      $178 

 

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 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, 2025 and June 30, 2024, the Company had no stock options outstanding.

 

Restricted stock activity for the year ended June 30, 2025 was as follows:

 

      

Weighted

 
  

Number of

  

Average Grant

 
  

Shares –

  

Date Fair

 
  

2020 Plan

  

Value

 

Nonvested at June 30, 2024

  283,107  $7.50 

Granted

  24,000  $3.84 

Vested

  (133,122) $8.31 

Forfeited

  —  $— 

Nonvested at June 30, 2025

  173,985  $6.38 
         

Available for grant at June 30, 2025

  158,877     

 

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 grants, granted to members of our Board of Directors and certain key members of our management team, vest over a period of up to three 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 $0.9 million at June 30, 2025 and the weighted average remaining requisite service period of unvested restricted stock shares was 1.6 years.