Note 13 - Treasury Stock

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Treasury Stock [Text Block]

13. TREASURY STOCK

Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity in the consolidated financial statements. Treasury shares of 172,522 held at December 31, 2019 include shares repurchased under the Company’s share repurchase program and shares withheld for withholding tax.

Share Repurchase Program. On July 1, 2015, the Company’s board of directors (the “Board”) authorized up to $250.0 million of share repurchases (subject to a total cap of 600,000 shares of common stock). Purchases under the share repurchase program may be made from time to time on the open market and in privately negotiated transactions. The size and timing of these purchases are based on a number of factors, including share price and business and market conditions. Since the inception of the share repurchase program through December 31, 2019, the Company has repurchased 210,631 shares of its common stock at an aggregate cost of $104.9 million. During the first quarter of 2019, the Company repurchased 5,984 shares at an aggregate cost of $5.1 million.

Tax Withholding for Equity Awards. At the employee’s option, shares of common stock are withheld by the Company upon the vesting of restricted stock and exercise of stock appreciation rights (“SARs”) to cover the applicable statutory minimum amount of employee withholding taxes, which the Company then pays to the taxing authorities in cash. The amounts remitted during 2019, 2018 and 2017 were $3.0 million, $7.2 million and $5.0 million, for which the Company withheld 3,521, 10,026 and 7,010 shares of common stock, respectively.