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Note 5 - Stockholders' Equity
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
5.
      Stockholders’ Equity
 
We are authorized to issue
135
million shares of all classes of stock, of which
15
million shares are designated Class A common stock,
100
million shares are designated common stock, and
20
million shares are designated “blank check” preferred stock for which our Board of Directors has the authority to determine the rights, powers, limitations and restrictions. The rights of our common stock and Class A common stock are identical, except that our Class A common stock has
10
votes per share and our common stock has
one
vote per share. Our common stock and Class A common stock are entitled to receive cash dividends if declared, on an equal per-share basis. For the years ended
December
31,
2016,
2015
and
2014,
we did
not
declare or pay any common stock or Class A common stock dividends.
 
On
March
31,
2015,
we completed an underwritten offering of
13.5
million shares of our common stock at a price to the public of
$13.00
per share pursuant to an effective shelf registration statement. The net proceeds from the offering were
$167.3
million, after deducting underwriting discounts of
$7.5
million and expenses of
$0.9
million.
We used the net proceeds from the offering to pay a significant portion of the consideration to acquire the
2015
Acquired Stations.
 
In each of
March
and
November
2004,
the Board of Directors of the Company authorized the Company to repurchase up to
2.0
million shares of the Company's common stock and Class A common stock. In
March
2006,
this authorization was increased to an aggregate of
5.0
million shares (the
“2004
-
2006
Repurchase Authorization”). As of
December
31,
2016,
279,200
shares remain available for repurchase under this authorization, which has no expiration date.
 
On
November
6,
2016,
the Board of Directors of the Company authorized the Company to purchase up to an additional
$75.0
million of our outstanding common stock prior to
December
31,
2019
(the
“2016
Repurchase Authorization”).
 
The extent to which the Company repurchases any of its shares, the number of shares and the timing of any repurchases will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. The Company is not required to repurchase a minimum number of shares thereunder, and the repurchase authorizations
may
be modified, suspended or terminated at any time without prior notice.
 
The
2016
Repurchase Authorization prohibits the Company from purchasing shares directly from the Company’s officers, directors, or the Gray Television, Inc. Capital Accumulation Plan
(401K
plan). During the
fourth
quarter of
2016,
under the
2016
Repurchase Authorization, we purchased
192,183
shares of our common stock at an average purchase price of
$10.38
per share
, or a total cost of
$2.0
million. As of
December
31,
2016
,
$73.0
million remains available to purchase shares of our common stock under the
2016
Repurchase Authorization
.
 
Under our various employee benefit plans, we
may,
at our discretion, issue authorized and unissued shares, or previously issued shares held in treasury, of our Class A common stock or common stock. As of
December
31,
2016,
we had reserved
5,449,148
shares and
257,581
shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans. As of
December
31,
2015,
we had reserved
5,689,219
shares and
476,193
shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans.