Note 12 - Treasury Stock Transactions

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Treasury Stock [Text Block]

12.   TREASURY STOCK TRANSACTIONS

On January 13, 2021, the Company’s Board of Directors authorized a program to repurchase shares of the Company’s common stock up to an amount not to exceed $7.5 million. All of these repurchases are conducted under the safe harbor from liability pursuant to certain market manipulation rules provided by Rule 10b-18 under the Securities Exchange act of 1934, as amended. On November 12, 2021, the Company’s Board of Directors further increased the total amount available to repurchase shares up to an amount not to exceed $19.1 million (including the initial $7.5 million authorized on January 13, 2021), consistent with the maximum limitation set forth by the Company’s revolving line of credit. The program is designed to provide the Company with enhanced flexibility over the long term to optimize its capital structure. Shares of the common stock may be repurchased on the open market or through negotiated transactions. The program may be terminated or suspended at any time at the discretion of the Company. 

During the fiscal year ended December 31, 2022, the Company purchased 1,309,427 shares at an average price of $12.63 per share. During the fiscal year ended January 1, 2022, the Company purchased 1,930,911 shares at an average price of $4.68 per share. During the fiscal year ended January 2, 2021, the Company purchased 1,858,139 shares at an average price of $1.20 per share. As of December 31, 2022, the Company has $10.2 million available for future treasury stock purchases.