Note 11 - Stock Repurchase Program

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Treasury Stock [Text Block]

11. Stock Repurchase Program

In

August 2015,

the Company’s Board of Directors approved a

$200,000

stock repurchase program, which the Company completed in the

third

quarter of

2016.

In

October 2016,

the Company’s Board of Directors approved a

$250,000

stock repurchase program, which expired in the

fourth

quarter of

2018.

In

September 2018,

the Company’s Board of Directors approved another stock repurchase program, which commenced in

October 2018,

and under which 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 repurchases

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 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. During the years ended

December 31, 2018,

2017

and

2016,

the Company repurchased

560,000,

844,500

and

3,968,706

shares of its common stock, respectively, for

$25,656,

$30,012

and

$149,937,

respectively, all funded with cash on hand. Since the inception of the above noted programs, the Company has repurchased

8,676,706

shares of its common stock for

$305,547,

all funded with cash on hand.