Shareholders' Equity

12 Months Ended

Dec. 31, 2021

Stockholders Equity Note [Abstract]

Shareholders' Equity

11. Shareholders’ Equity

Common Stock

In June 2019, the Company issued $5.0 million of common equity through a private placement for 1,176,471 shares priced at $4.25 per share. The participants in the private placement consisted of members of the Company's Board of Directors. The Company used the proceeds for growth capital in the Company's specialty core business segments.

On December 5, 2018, the Company's Board of Directors authorized a stock repurchase program, under which the Company may repurchase up to one million shares of the Company's common stock.  Shares may be purchased in the open market or through negotiated transactions.  The program may be terminated or suspended at any time, at the discretion of the Company.  The Company may in the future enter into a Rule 10b5-1 trading plan to effect a portion of the authorized purchases, if criteria set forth in the plan are met.  Such a plan would enable the Company to repurchase its shares during periods outside of its normal trading windows, when the Company typically would not be active in the market.  The timing of purchases, and the exact number of any shares to be purchased, will depend on market conditions.  The repurchase program does not include specific price targets or timetables. The Company did not repurchase any shares of stock for the year ended December 31, 2021 related to the stock repurchase program. For the year ended December 31, 2020, the Company had repurchased 2,398 shares of stock valued at approximately $8,000 related to the stock repurchase program. Upon the repurchase of the Company's shares, the shares remain authorized, but not issued or outstanding.    

For the year ended December 31, 2021, the Company repurchased 3,886 shares of stock valued at approximately $12,000 related to the vesting of the Company’s restricted stock units.  For the year ended December 31, 2020, the Company repurchased 9,188 shares of stock valued at approximately $28,000 related to the vesting of the Company’s restricted stock units.  Upon the repurchase of the Company’s shares, the shares remain authorized, but not issued or outstanding.  

As of December 31, 2021 and 2020, the Company had 9,707,817 and 9,681,728 issued and outstanding shares of common stock, respectively.

Holders of common stock are entitled to one vote per share and to receive dividends only when and if declared by the board of directors.  The holders have no preemptive, conversion or subscription rights.