SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

SHAREHOLDERS' EQUITY

11. SHAREHOLDERS’ EQUITY:

Common and Preferred Stock

The Company is authorized to issue 200,000,000 shares of $0.01 par value common stock and 5,000,000 shares of $0.01 par value preferred stock. Each share of the Company’s common stock entitles the holder to one vote on all matters to be voted upon by the shareholders. As of September 30, 2019, the Company had issued 48,847,733 shares of common stock, of which 47,482,085 were outstanding, and had issued 200,000 shares of preferred stock, all of which were outstanding. During the three months ended September 30, 2019 and 2018, the Company repurchased no shares of common stock. During the nine months ended September 30, 2019 and 2018, the Company repurchased 4,011 and 3,774 shares, respectively, of common stock, now held as treasury stock, for an aggregate purchase price of $649,000 and $477,000, respectively.

Scientific Advisory Board Awards

During the nine months ended September 30, 2019 and 2018, the Company granted a total of 1,960 and 2,456 shares, respectively, of fully vested common stock to non-employee members of the Scientific Advisory Board for services performed in 2018 and 2017, respectively. The fair value of shares issued to members of the Scientific Advisory Board was $300,000 for both nine-month periods.

Dividends

During the three months ended September 30, 2019, the Company declared and paid cash dividends of $0.10 per common share, or $4.7 million, and during the nine months ended September 30, 2019, the Company declared and paid cash dividends of $0.30 per common share, or $14.1 million, on the Company’s outstanding common stock.

On October 29, 2019, the Company’s Board of Directors declared a fourth quarter dividend of $0.10 per common share to be paid on December 31, 2019 to all shareholders of record as of the close of business on December 13, 2019. All future dividends will be subject to the approval of the Company’s Board of Directors.