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Note 6 - Dividends
3 Months Ended
Mar. 31, 2022
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 $0.06 per share of common stock was paid in the first quarter of 2022 which totaled $5.0 million. A quarterly cash dividend of $0.04 per share of common stock was paid in the first quarter of 2021 which totaled $3.3 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. Waivers allowing stock redemptions and dividends in excess of the 25% limitation in total amounts of up to $80 million in each of 2022 and 2021 were obtained from the lender in March 2022 and August 2021, respectively.