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Capital Stock
 12 Months Ended
Dec. 31, 2021
Capital Stock  
Capital Stock

9.           Capital Stock

Common Stock – The Company is authorized to issue 75,000,000 shares of common stock. Each share of common stock has one vote. Subject to preferences that may be applicable to any outstanding shares of preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the Board of Directors. No common stock dividends have been declared to date.

Preferred Stock – The Company is authorized to issue 4,998,000 shares of preferred stock. The Board of Directors is authorized to fix the terms, rights, preferences and limitations of the preferred stock and to issue the preferred stock in series that differ as to their relative terms, rights, preferences and limitations.

Stockholders Rights Agreement – On February 1, 2019, the Board of Directors declared a dividend of one preferred share purchase right (each, a “Right,” and collectively, the “Rights”) for each outstanding share of the Company’s common stock on February 15, 2019. The description and terms of the Rights are set forth in a Rights Agreement between the Company and American Stock Transfer & Trust Co., as rights agent, dated as of February 1, 2019 (the “Rights Agreement”). The Rights Agreement expired on January 31, 2022.

Common Stock Reserved – As of December 31, 2021, the Company had available for future issuance 3,726,154 shares of common stock pursuant to the Company’s stock option plans.

Treasury Stock – In July 2019, the Company’s Board of Directors authorized the repurchase of up to $2.0 million of its common stock in open market or private transactions. There is no expiration date associated with the program. The total value of common stock acquired under the plan was $1.5 million as of December 31, 2021 and 2020.