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Note 14 - Stock Repurchase Program
12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Treasury Stock [Text Block]

Note 14 – Stock Repurchase Program

 

In August 2019, the Board of Directors authorized a common stock purchase program. The program will allow for repurchases of up to $25 million of its common stock. The stock repurchase plan began on September 1, 2019 and will expire on August 31, 2020. No repurchases have been made under this plan.

 

During the first quarter of 2019 and under a previous plan which expired on August 31, 2019, the Company purchased 10,396 shares of its common stock for a total cost of $872,000. During the first quarter of 2018 and under a previous plan which expired on August 31, 2018, the Company repurchased 14,506 shares of its common stock for a total cost of $867,000. The shares were funded from cash on hand and were cancelled and returned to the status of authorized but unissued.

 

Under the common stock repurchase program, the Company may repurchase its common stock from time to time, in amounts and at prices the Company deems appropriate, subject to market conditions and other considerations. The Company’s repurchases may be executed using open market purchases, privately negotiated agreements or other transactions. The Company intends to fund repurchases under the new stock repurchase programs from cash on hand, available borrowings or proceeds from potential debt or other capital market sources. The stock repurchase programs may be suspended or discontinued at any time without prior notice. The Company will provide an update regarding any purchases made pursuant to the stock repurchase programs each time it reports its results of operations.