Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

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Stockholders' Equity
 3 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Stockholders' Equity
Note 10 - Stockholders' Equity
Treasury Stock
On July 10, 2015, to effect the one share for eight shares reverse split of the Company's common stock, the Company paid cash in lieu of issuance of fractional shares totaling 2,284 post-split shares. The shares underlying the payment of cash in lieu were immediately canceled.
On July 1, 2015, upon the vesting of 12,500 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 2,822 shares to settle withholding taxes. The withheld shares were immediately canceled.
On October 10, 2014, Magellan repurchased 31,250 shares from William H. Hastings, a former Company executive, pursuant to an Options and Stock Purchase Agreement. See Note 8 - Stock Based Compensation for further details. 
On July 1, 2014, upon the vesting of 18,750 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 5,981 shares to settle withholding taxes. The withheld shares were immediately canceled.
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:
 
THREE MONTHS ENDED
 
FISCAL YEAR ENDED
 
September 30, 2015
 
June 30, 2015
 
Number of shares
 
Amount
 
Number of shares
 
Amount
 
(In thousands, except share amounts)
Fiscal year opening balance
1,209,389

 
$
9,806

 
1,178,139

 
$
9,344

Shares repurchased from former executive
—

 
—

 
31,250

 
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
2,822

 
10

 
5,981

 
104

Net shares repurchased to eliminate fractional shares in July 10, 2015 one share for eight shares reverse stock split
2,284

 
6

 
—

 
—

Cancellation of shares repurchased
(5,106
)
 
(16
)
 
(5,981
)
 
(104
)
Balance at end of period
1,209,389


$
9,806

 
1,209,389

 
$
9,806