Note 12 - Shareholders' Equity

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

 

12.

Share

holders’ Equity

Common Share

  The Company's board of directors declared the following distributions in the year ended

December 31, 2019

:

	Distribution		Record	Total		Payable
Declaration Date	Per Share		Date	Amount		Date
January 17, 2019	$	0.050	January 31, 2019	$	1,064,484	February 15, 2019
April 29, 2019	$	0.040	May 17, 2019	$	844,087	May 31, 2019
August 1, 2019	$	0.040	August 16, 2019	$	772,977	August 30, 2019
November 4, 2019	$	0.040	November 15, 2019	$	773,982	November 29, 2019

Share

Repurchase Program

On

February 17, 2017,

our board of directors authorized the repurchase of up to

1,000,000

shares through

December 31, 2018.

On

December 

3,

2018,

with the previous authorization expired, our board of directors approved the extension of the term of the Company's share repurchase program through

April 30, 2019.

On

April 22, 2019

the Company's board of directors approved the extension of the term of the Company's share repurchase program through

June 30, 2019. 

During the year ended

December 31, 2019,

the Company repurchased

318,826

 of the Company’s shares, at an average price of

$4.09

 per share, for an aggregate purchase price of

$1.3

 million on the open market. The Company terminated its repurchase program effective

May 8, 2019,

prior to the launch of a self-tender offer.

Self-Tender Offer

On

May 13, 2019,

the Company launched a self-tender offer (the "Self Tender Offer") to repurchase for cash up to

3,000,000

shares representing limited liability interests of the Company, or approximately

14.2%

of the Company's outstanding common shares. The Tender Offer expired on

June 13, 2019.

The Tender Offer resulted in the Company's repurchase of

1,816,732

shares at a purchase price of

$3.95

per share for a total purchase price of

$7.2

million, excluding fees and expenses related to the Tender Offer.