Repurchase of Common Stock

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Repurchase of Common Stock

NOTE 17 – REPURCHASE OF COMMON STOCK – EFFECT ON STOCKHOLDERS’ EQUITY

On August 10, 2020, the Board authorized a share repurchase program (the “2020 Program”) for up to $5,000,000 of the currently outstanding shares of the Company’s common stock. The 2020 Program is effective immediately and replaces the Company’s existing share repurchase program that was adopted by the Board on December 19, 2008 (the “2008 Program”) to acquire from time to time up to an aggregate of 500,000 shares of the Company’s common stock. The purchases under the 2020 Program may be made from time to time in the open market, through block trades, 10b5-1 trading plans, privately negotiated transactions or otherwise and in accordance with applicable laws, rules and regulations. The timing and actual number of the shares repurchased under the 2020 Program will depend on a variety of factors including price, market conditions and corporate and regulatory requirements. The Company intends to fund the share repurchases under the 2020 Program from cash on hand. The 2020 Program does not commit the Company to repurchase shares of its common stock and it may be amended, suspended or discontinued at any time. The Company repurchased its shares under the 2020 Program and 2008 Program in unsolicited transactions as follows:

	December 31		December 31
	2020		2019
2020 Program
Number of shares repurchased		857		—
Cost of shares repurchased
Allocated to retained earnings	$	4,071	$
Allocated to capital		422		—
Total cost of shares repurchased	$	4,493	$	—
2008 Program
Number of shares repurchased		978		383
Cost of shares repurchased
Allocated to retained earnings	$	5,760	$	2,108
Allocated to capital		480		188
Total cost of shares repurchased	$	6,240	$	2,296

The Company has remaining authority under the 2020 Program to repurchase up to $4,995,507 of the currently outstanding shares of the Company’s common stock as of December 31, 2020. The Company has retired or will retire all stock repurchased under the 2020 Program and 2008 Program.