Equity

3 Months Ended

Mar. 31, 2023

Equity

Equity

Note 4: Equity

Dividends

The Company did not pay any dividends during the three-month periods ended March 31, 2023 and 2022.

Preferred stock and common stock

There were no issuances of preferred stock or common stock during the three-month periods ended March 31, 2023 and 2022, other than stock awarded to employees and the Board of Directors.

Stock repurchase and retirement

On March 1, 2022, the Company’s board of directors authorized a stock repurchase program under which the Company was authorized to repurchase up to $5,000,000 of its common shares. As of August 31, 2022, the Company completed the repurchase program by purchasing a total of 207,964 shares as shown in the table below ($ in 000’s, except share or per share amounts):

	Shares Repurchased
Period	Total Number of Shares Repurchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Program		Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program
March 1-31, 2022		6,200	$	29.35		6,200	$	4,818
April 1-30, 2022		8,226		27.76		8,226		4,590
May 1-31, 2022		80,748		22.92		80,748		2,739
June 1-30, 2022		74,227		23.98		74,227		959
July 1-31, 2022		32,392		24.88		32,392		153
August 1-31, 2022		6,171		24.79		6,171		—
No shares repurchased between September 2022 and March 2023
Total		207,964	$	24.04		207,964	$	—

2014 Equity Incentive Plan

On May 23, 2014, the shareholders of the Company approved the 2014 Equity Incentive Plan, as amended (the “2014 Plan”). Under the terms of the 2014 Plan, the Company is authorized to issue incentive awards for common stock up to 200,000 shares to employees and other personnel. On June 10, 2016 and June 17, 2020, the shareholders of the Company approved an additional 200,000 and 200,000 awards, respectively, to be issued under the 2014 Plan, bringing the total number of shares to be awarded to 600,000. The awards may be in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units and performance awards. The 2014 Plan is effective through March 31, 2024. As of March 31, 2023, there are 40,495 shares which remain to be granted under the 2014 Plan.

The following table summarizes information about stock options outstanding and exercisable at March 31, 2023:

	Options Outstanding						Options Exercisable
Exercise Price Range	Number		Weighted Average Remaining Contractual Life (in Years)		Weighted Average Exercise Price		Number
$ 0.01 - 8.00		7,500		1.92	$	7.12		7,500
$ 8.01 - 11.00		3,500		4.32	$	10.11		3,500
$ 11.01 - 16.00		18,000		5.28	$	13.12		18,000
$ 16.01 - 27.00		68,000		8.81	$	25.42		15,500
$ 27.01 - 27.71		14,250		8.80	$	27.71		—
Total		111,250		7.63	$	22.01		44,500

As of March 31, 2023, the Company had unrecognized stock compensation related to the options of $757,000, which will be recognized through 2027.

During the three months ended March 31, 2023, the Company granted 60,500 restricted stock units to employees, which vest at various intervals over the next 3 years.  The average grant date fair value of these grants was $27.82 per share. During the three months ended March 31, 2022, the Company granted 20,000 restricted stock units with a grant date fair value of $26.00 per share. As of March 31, 2023, there was $2,231,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2026.