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Note 13 - Stock Repurchase Program
9 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
Treasury Stock [Text Block]

13.   Stock Repurchase Program

 

In September 2018, the Company’s Board of Directors approved a $250,000 stock repurchase program that is due to expire in the fourth quarter of 2020. In September 2020, the Company’s Board of Directors approved another stock repurchase program, which will commence upon the expiration of the previous stock repurchase program, and allows for the repurchase of up to $250,000 of the Company's common stock over a 24-month period. The Company may repurchase its common stock from time to time, in amounts and at prices the Company deems appropriate, subject to market conditions and other considerations. The repurchases may be executed using open market purchases, privately negotiated agreements or other transactions. The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of the Company’s common stock, general market and economic conditions, applicable legal requirements, and compliance with the terms of the Company’s outstanding indebtedness. The repurchases may be funded with cash on hand, available borrowings, or proceeds from potential debt or other capital markets sources. The stock repurchase program may be suspended or discontinued at any time without prior notice. There were no share repurchases during the three and nine months ended September 30, 2020. Since the inception of all programs starting in August 2015, the Company has repurchased 8,676,706 shares of its common stock for $305,547 (at an average cost per share of $35.21), all funded with cash on hand.