Note 11 - Stock Repurchase Program

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Treasury Stock [Text Block]

11. Stock Repurchase Program

I

n

August

2015,

the Company’s Board of Directors approved a

$200,000

stock repurchase program. Under the program, the Company

may

repurchase up to

$200,000

of its common stock over the following

24

months, in amounts and at prices the Company deems appropriate, subject to market conditions and other considerations. The Company completed the program in the

third

quarter of

2016.

I

n

October

2016,

the Company’s Board of Directors approved a

$250,000

stock repurchase program. Under the program, the Company

may

repurchase an additional

$250,000

of its common stock over the following

24

months. 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 repurchase

may

be executed using open market purchases, privately negotiated agreements or other transactions. The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of the Company’s shares of common stock and general market and economic conditions, applicable legal requirements, and compliance with the terms of the Company’s outstanding indebtedness. The repurchases

may

 be funded with cash on hand, available borrowings or proceeds from potential debt or other capital markets sources. The stock repurchase program

may

be suspended or discontinued at any time without prior notice. For the year ended

December

31,

2016,

the Company repurchased

3,968,706

shares of its common stock for

$149,937.

Since the inception of the programs, the Company has repurchased

7,272,206

shares of its common stock for

$249,879,

all funded with cash on hand.