Note 15 - Common Stock

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

15.   COMMON STOCK

As of

December 31, 2019

, according to regulatory filings, there was

one

shareholder of the Company's common stock (other than shareholders subject to specific exceptions) with ownership in excess of

10%

of Class A outstanding shares with

no

ownership of the Company's Class B common stock.  In accordance with the Company's certificate of incorporation, the Class B Protection clause is triggered if a shareholder owns

10%

or more of the outstanding Class A common stock and does

not

own an equal or greater percentage of all then outstanding shares of both Class A and Class B common stock (all of which common stock must have been acquired after the date of the

1998

recapitalization).  In such a circumstance, such shareholder must, within

90

days of the trigger date, purchase Class B common shares, in an amount and at a price determined in accordance with a formula described in the Company's certificate of incorporation, or forfeit its right to vote its Class A common shares.  As of

December 31, 2019

, to the Company's knowledge, this shareholder had

not

purchased any Class B shares to comply with these requirements.  In order to vote its shares at Bel's next shareholders' meeting, this shareholder must either purchase the required number of Class B common shares or sell or otherwise transfer Class A common shares until its Class A holdings are under

10%.

  As of

December 31, 2019

, to the Company's knowledge, this shareholder owned

21.5%

of the Company's Class A common stock in the aggregate and had

not

taken steps to either purchase the required number of Class B common shares or sell or otherwise transfer Class A common shares until its Class A holdings fall below

10%.

 Unless and until this situation is satisfied in a manner permitted by the Company's Restated Certificate of Incorporation, the subject shareholder will

not

be permitted to vote its shares of common stock.

Throughout

2019

and

2018

, the Company declared cash dividends on a quarterly basis at a rate of

$

0.06

per Class A (voting) share of common stock and

$

0.07

per Class B (non-voting) share of common stock.  The Company declared and paid cash dividends totaling

$3.4

million and

$3.3

million in 

2019

and

2018

, respectively.  There are

no

contractual restrictions on the Company's ability to pay dividends, provided that the Company is

not

in default under its credit agreements immediately before such payment and after giving effect to such payment.