Note 8 - Treasury Shares

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Treasury Stock [Text Block]

Note

8.

Treasury Shares

During

2012,

the Board of Directors authorized a stock repurchase program whereby the Company could repurchase up to

500,000

shares of its outstanding common stock. During

2013,

the Board of Directors renewed and extended the Company’s share repurchase authority to enable it to repurchase up to an aggregate of

1,000,000

shares of common stock.

On

August 12, 2016,

the Board of Directors increased by an additional

500,000

shares the number of shares of the Company’s common stock that

may

be repurchased under its stock repurchase program to an aggregate of

1,500,000

shares. The shares

may

be repurchased from time to time in the open market or through privately negotiated transactions at prices the Company deems appropriate. The program does

not

obligate the Company to acquire any particular amount of common stock and

may

be modified or suspended at any time at the Company’s discretion.

From

2012

through

September 30, 2018,

the Company has repurchased

1,203,491

shares of Common Stock at an average price of approximately

$4.72

per share, for a total of approximately

$5.7

million in repurchases under the stock repurchase program. During the

first

nine

months of

2018,

113,121

shares were repurchased under the stock repurchase program.