Note 16 - Stock Repurchase Program

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Treasury Stock [Text Block]

16.

     

Stock Repurchase Program:

On

October 2, 2015,

the Company announced that its Board of Directors authorized a stock repurchase program of up to

550,000

shares of the Company’s issued and outstanding common stock, which could include open market repurchases, negotiated block transactions, accelerated stock repurchases or open market solicitations for shares, all or some of which

may

be effected through Rule

10b5

-

1

plans. Any of the repurchased shares are held in the Company’s treasury, or canceled and retired as the Board

may

determine from time to time. Any repurchases of common stock are subject to the covenants contained in the ABL Credit Facility. Under the ABL Credit Facility, the Company

may

repurchase common stock and pay dividends up to

$5.0

million in the aggregate during any trailing

twelve

months without restrictions. Purchases of common stock or dividend payments in excess of

$5.0

million in the aggregate require the Company to (i) maintain availability in excess of

20.0%

of the aggregate revolver commitments (

$95.0

million as of

December 31, 2019)

or (ii) to maintain availability equal to or greater than

15.0%

of the aggregate revolver commitments (

$71.3

million as of

December 31, 2019)

and the Company must maintain a pro-forma ratio of EBITDA minus certain capital expenditures and cash taxes paid to fixed charges of at least

1.00

to

1.00.

During

2019,

the Company repurchased

109,505

shares, for an aggregate cost of

$1.5

million. There were

no

shares repurchased during

2018

or

2017.