Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v2.4.1.9
Stockholders' Equity
 6 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Stockholders' Equity
Note 11 - Stockholders' Equity
Treasury Stock
On July 1, 2014, upon the vesting of 150,000 shares of restricted stock previously granted to executives of the Company and pursuant to the tax withholding provisions of the Company's restricted stock award agreements, the Company withheld on a cashless basis 47,920 shares to settle withholding taxes. Following their withholding, these shares were immediately canceled.
On October 10, 2014, Magellan repurchased 250,000 shares from William H. Hastings, a former Company executive, pursuant to an Options and Stock Purchase Agreement. See below for further details. 
All repurchased shares of Common Stock currently being held in treasury are being held at cost, including any direct costs of repurchase. The following table summarizes the Company's treasury stock activity as follows:
 
SIX MONTHS ENDED
 
FISCAL YEAR ENDED
 
December 31, 2014
 
June 30, 2014
 
Number of shares
 
Amount
 
Number of shares
 
Amount
 
(In thousands, except share amounts)
Fiscal year opening balance
9,425,114

 
$
9,344

 
9,414,176

 
$
9,333

Shares repurchased from former executive
250,000

 
462

 
—

 
—

Net shares repurchased for employee tax and option exercise price obligations related to the vesting of restricted stock and the exercise of employee stock options
47,920

 
104

 
10,938

 
11

Cancellation of shares repurchased
(47,920
)
 
(104
)
 
—

 
—

Balance at end of period
9,675,114


$
9,806

 
9,425,114

 
$
9,344