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Note 6 - Dividends
3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Dividends [Text Block]

(6) Dividends

 

In 2010, we announced that our Board of Directors approved a regular cash dividend program to our stockholders, subject to approval each quarter. A quarterly cash dividend of $0.04 per share of common stock was declared in the first quarter of 2020 which totaled $2.2 million. A quarterly cash dividend of $0.03 per share of common stock was declared in the first quarter of 2019 which totaled $1.6 million.

 

Our ability to pay cash dividends is currently limited by restrictions contained in our revolving credit facility, which prohibits us from paying, in any fiscal year, stock redemptions and dividends in excess of 25% of our net income from the prior fiscal year. A waiver allowing stock redemptions and dividends in excess of the 25% limitation in a total amount of up to $65 million in 2019 was obtained from the lender in August 2019.