Common stock buyback program stock option and award plan:

9 Months Ended

Sep. 30, 2020

Common stock buyback program stock option and award plan:

Common stock buyback program stock option and award plan:

6.  Common stock buyback program stock option and award plan:

The Company’s Board of Directors has approved purchases of the Company’s common stock under a buyback program (the “Buyback Program”) through December 31, 2021. At September 30, 2020, there was approximately $34.6 million remaining for purchases under the Buyback Program. In the three and nine months ended September 30, 2020 the Company purchased 4,567 shares of its common stock for $0.3 million. There were no purchases of common stock during the three and nine months ended September 30, 2019. Subsequent to September 30, 2020 the Company purchased 53,516 shares of its common stock for $3.1 million under the Buyback Program.

In the first quarter of 2020 the Company granted 319,750 shares of common stock to its executive employees and directors valued at $23.7 million. Included in this first quarter grant were 94,050 performance shares that vest subject to certain Company performance conditions and 35,000 performance shares granted to the Company’s CEO that are subject to the total shareholder return of the Company’s common stock compared to the total shareholder return of the Nasdaq Telecommunications Index. In the second quarter of 2020 the Company granted 135,280 shares of common stock to its employees and directors valued at $10.6 million. Shares granted to the Company’s directors vest upon grant and the shares granted to the Company’s employees that are not subject to performance conditions generally vest over periods ending in December 2023.