CAPITAL STOCK AND STOCK COMPENSATION

3 Months Ended

Mar. 31, 2020

CAPITAL STOCK AND STOCK COMPENSATION [Abstract]

CAPITAL STOCK AND STOCK COMPENSATION

Note 11 — Capital Stock and Stock Compensation:

The Company accounts for stock-based compensation expense in accordance with the fair value method required by ASC 718, Compensation – Stock Compensation. Such fair value method requires share-based payment transactions to be measured according to the fair value of the equity instruments issued.

There were no stock-based compensation awards granted during the three months ended March 31, 2020.

Dividends

On February 26, 2020, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.06 per share. On March 30, 2020, the Company paid dividends totaling $1,729 to stockholders of record as of March 17, 2020.

Share Repurchases

In connection with the settlement of vested restricted stock units, the Company repurchased 33,210 and 8,746 shares of common stock during the three months ended March 31, 2020 and 2019, respectively, at an average cost of $21.23 and $17.13, respectively, per share (based on the market prices on the dates of vesting) from certain members of management to cover withholding taxes. During April 2020, an additional 4,198 shares of common stock were repurchased from certain employees and members of management at an average cost of $22.70 per share in relation to restricted stock units that vested in March 2020.

On March 5, 2019, the Company’s Board of Directors approved a resolution reauthorizing the Company’s $30,000 stock repurchase program for another 24-month period ending March 5, 2021, on the open market or otherwise, in such quantities, at such prices, in such manner and on such terms and conditions as management determines is in the best interests of the Company. Shares owned by employees, directors and other affiliates of the Company will not be eligible for repurchase under this program without further authorization from the Board. During the three months ended March 31, 2020, the Company repurchased and retired 490,592 shares of its common stock in open-market purchases at an average price of $20.41 per share, for a total cost of $10,012.  No shares were acquired under repurchase programs during the three months ended March 31, 2019.