STOCK OFFERINGS

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

STOCK OFFERINGS

Note 13 – Stock Offerings

In August 2019, the Board of Directors of the Company announced the approval of a stock repurchase program, of which 49,100 shares were repurchased for $0.7 million at an average price of $14.52 per share, between March 2020 and July 2020. In August 2020, the Board of Directors of the Company announced the approval of an extension of the existing stock repurchase program. Under the extended program, the Company is authorized to repurchase up to $5.0 million of its outstanding shares of common stock over the next 12 months or until the aggregate share repurchases are completed, whichever date comes first, on the open market or in privately negotiated transactions. The stock repurchase program does not require the Company to repurchase any specified number of shares of its common stock, and it may be discontinued, suspended or restarted at any time at the Company's discretion. From August 2020 through November 2020, the Company purchased an additional 210,824 shares for $3.5 million at an average price of $15.93 per share.

In December 2020, the Company repurchased 536,490 shares of its common stock at a price of $20.25 per share via a modified “Dutch auction” tender offer. Additionally, the Company’s Board of Directors authorized the repurchase from time to time, on or before December 31, 2021, of up to $31.9 million of shares of the Company’s common stock as part of the Company’s stock repurchase program, which repurchases may occur from time to time, on the open market or otherwise, at such prices and upon such terms as the Company may determine and otherwise in accordance with applicable law.