Note 14 - Shareholder Rights Plan

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Shareholder Rights Plan Disclosure [Text Block]

14 . SHAREHOLDER RIGHTS PLAN:

In

June 1999,

the Board of Directors adopted a Shareholder Rights Plan (“Plan”) designed to ensure fair and equal treatment for all shareholders in the event of a proposed acquisition of the Company by enhancing the ability of the Board of Directors to negotiate more effectively with a prospective acquirer, and reserved

150,000

shares of Series A Junior Participating Preferred Stock (“Preferred Stock”) for purposes of the Plan. In connection with the adoption of the Plan, the Board of Directors declared a dividend distribution of

one

non-detachable preferred stock purchase right (“Right”) per share of common stock, payable to shareholders of record on

July 

9,

1999.

Each Right represents the right to purchase

one one

-hundredth of a share of Preferred Stock at a price of

$83.00,

subject to adjustment. The Rights will be exercisable only if a person or group acquires, or commences a tender offer to acquire,

15%

or more of the Company’s outstanding shares of common stock. Subject to the terms of the Plan and upon the occurrence of certain events, each Right would entitle the holder to purchase common stock of the Company, or of an acquiring company in certain circumstances, having a market value equal to

two

times the exercise price of the Right. The Company

may

redeem the Rights at a price of

$0.01

per Right under certain circumstances.

On

June 

18,

2009,

the Company and Computershare (“Rights Agent”) entered into an Amended and Restated Rights Agreement (“Amended and Restated Rights Agreement”). The Amended and Restated Rights Agreement amended and restated the Rights Agreement dated as of

June 

28,

1999

between the Company and ChaseMellon Shareholder Services, L.L.C. (predecessor to the Rights Agent). The Amended and Restated Rights Agreement extended the final expiration date of the Rights from

June 

28,

2009

to

June 

28,

2019.

The Amended and Restated Rights Agreement also reflected certain changes in the rights and obligations of the Rights Agent and certain changes in procedural requirements under the Amended and Restated Rights Agreement.