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Note 2 - Shareholders' Equity
12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Equity [Text Block]

2. SHAREHOLDERS EQUITY

 

Common Stock

 

The Company is authorized to issue up to 75 million shares of common stock. The number of common shares issued and outstanding as of  December 31, 2023 and 2022 was 30.3 million and 30.6 million, respectively.

 

Preferred Stock

 

The Company is authorized to issue up to 10 million shares of preferred stock in one or more series, having the relative voting powers, designations, preferences, rights and qualifications, limitations or restrictions, and other terms as the Board of Directors may fix in providing for the issuance of such series, without any vote or action of the shareholders. As of December 31, 2023 and 2022, there were no shares of preferred stock issued or outstanding.

 

Dividends on Common Stock

 

On  February 20, 2023, the Company's Board of Directors ("Board") approved a quarterly cash dividend policy, marking the first dividend policy adopted by the Company ("Dividend Policy"). During the year ended December 31, 2023, the Board declared the following quarterly dividends under the Dividend Policy:

 

Dividend Payment Date

Dividend Declaration Date

 

Dividend Per Share

 

Record Date

 

Cash Outlay

 

April 28, 2023

February 20, 2023

 

$

0.025

 

April 17, 2023

 

$

767,000

 

June 23, 2023

April 24, 2023

  

0.025

 

June 12, 2023

  

767,000

 
September 29, 2023July 24, 2023  0.025 September 18, 2023  767,000 

December 22, 2023

October 23, 2023

  

0.025

 

December 11, 2023

  

757,000

 

Total dividends

 

$

0.10

   

$

3,058,000

 

 

Additionally, on  February 19, 2024, the Board approved the Company’s first quarter 2024 cash dividend of $0.028 per share, payable on  March 22, 2024 to holders of record on  March 11, 2024. 

 

Share Repurchase Plan

 

On  November 30, 2021, the Company's Board of Directors authorized a share repurchase program to repurchase up to $20.0 million of the Company's outstanding shares of common stock. This share repurchase program concluded on  March 8, 2022, when the maximum dollar amount authorized under the program was expended. Under this program, the Company repurchased a total of 853,023 shares through open market purchases at an aggregate value of $20.0 million, reflecting an average price per share of $23.45 (excluding the cost of broker commissions). During the year ended December 31, 2022, the Company repurchased 649,739 shares pursuant to this share repurchase program at an aggregate fair value of $14.9 million, based on an average price per share of $22.92 (excluding the cost of broker commissions).

 

On  March 14, 2022, the Company's Board of Directors approved an expansion of the Company's share repurchase program by authorizing the repurchase of up to an additional $10.0 million of the Company's outstanding shares of common stock. The share repurchase expired on  March 13, 2023. During the year ended December 31, 2022, the Company repurchased 402,050 shares at an aggregate fair value of $8.1 million, reflecting an average price per share of $20.19 (excluding the cost of broker commissions). No repurchases occurred under this share repurchase program during the year ended December 31, 2023.

 

On  September 13, 2023, the Company announced that the Board authorized a share repurchase program to repurchase up to $10.0 million of the Company's outstanding shares of common stock. The share repurchase program is scheduled to terminate on the earlier of  March 31, 2024, or when the maximum dollar amount has been expended. During the year ended  December 31, 2023, the Company repurchased 404,188 shares at an aggregate fair value of $8.9 million, reflecting an average price per share of $22.07 (excluding the cost of broker commissions).