Note 16 - Stock Repurchase Plan

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE

16

– Stock Repurchase Plan:

On

August 1, 2008,

the Company’s Board of Directors approved an increase to the outstanding authorization under its common stock repurchase program to allow for the repurchase of

1,000,000

additional shares of the Company’s outstanding shares of common stock. During the year ended

December 31, 2018,

the Company reacquired and retired the remaining

58,216

shares of its common stock under this program. On

May 2, 2019,

the Company’s Board of Directors approved a stock repurchase program of up to

750,000

shares of Company’s outstanding common stock. There is

no

expiration date or other restriction governing the period over which the Company can make share repurchases under the program. All purchases under this program will be open market transactions. Under this program, the Company reacquired and retired

49,091

shares of its common stock during the year ended

December 31, 2019.

At

December 31, 2019

, the Company had

700,909

shares remaining under its common stock repurchase program. Shares purchased under the common stock repurchase program are constructively retired and returned to unissued status. The Company considers several factors in determining when to make share repurchases, including among other things, the cost of equity, the after-tax cost of borrowing, the debt to total capitalization targets and the expected future cash needs.