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Note 7 - Dividends
9 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
Dividends [Text Block]

(7) 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 $0.027 per share of common stock was declared in each of the first two quarters of 2020 and of $0.04 per share of common stock was declared in the third quarter of 2020 which totaled $7.7 million. We paid cash dividends totaling $40.4 million in the first three quarters of 2019 which consisted of a special dividend of $0.433 per share of common stock in September, along with quarterly cash dividends of $0.02 per share of common stock in each of the first three quarters of 2019.

 

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.