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SHAREHOLDERS' EQUITY | 9 Months Ended
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Sep. 30, 2020
Equity [Abstract] |
SHAREHOLDERS' EQUITY |
11. | SHAREHOLDERS’ EQUITY:
Preferred Stock The Company’s Amended and Restated Articles of Incorporation authorize it to issue up to 5,000,000 shares of $0.01 par value preferred stock with designations, rights and preferences determined from time-to-time by the Company’s Board of Directors. Accordingly, the Company’s Board of Directors is empowered, without shareholder approval, to issue preferred stock with dividend, liquidation, conversion, voting or other rights superior to those of shareholders of the Company’s common stock. In 1995, the Company issued 200,000 shares of Series A Nonconvertible Preferred Stock (Series A) to American Biomimetics Corporation (ABC) pursuant to a certain Technology Transfer Agreement between the Company and ABC. The Series A shares have a liquidation value of $7.50 per share. Series A shareholders, as a single class, have the right to elect two members of the Company’s Board of Directors. This right has never been exercised. Holders of the Series A shares are entitled to one vote per share on matters which shareholders are generally entitled to vote. The Series A shareholders are not entitled to any dividends. As of September 30, 2020, the Company had issued 200,000 shares of preferred stock, all of which were outstanding. Common Stock The Company’s Amended and Restated Articles of Incorporation authorize it to issue up to 200,000,000 shares of $0.01 par value common stock. Each share of the Company’s common stock entitles the holder to one vote on all matters to be voted upon by the shareholders. As of September 30, 2020, the Company had issued 49,008,915 shares of common stock, of which 47,643,267 were outstanding. During the three and nine months ended September 30, 2020, the Company repurchased no shares of common stock. During the three months ended September 30, 2019, the Company repurchased no shares of common stock and during the nine months ended September 30, 2019, the Company repurchased 4,011 shares of common stock, now held as treasury stock, for an aggregate purchase price of $649,000. Scientific Advisory Board Awards During the nine months ended September 30, 2020 and 2019, the Company granted a total of 1,926 and 1,960 shares, respectively, of fully vested common stock to non-employee members of the Scientific Advisory Board for services performed in 2019 and 2018, respectively. The fair value of shares issued to members of the Scientific Advisory Board was $300,000 for both nine-month periods. Dividends During the three months ended September 30, 2020, the Company declared and paid cash dividends of $0.15 per common share, or $7.1 million, and during the nine months ended September 30, 2020, the Company declared and paid cash dividends of $0.45 per common share, or $21.3 million, on the Company’s outstanding common stock. On October 27, 2020, the Company’s Board of Directors declared a fourth quarter dividend of $0.15 per common share to be paid on December 31, 2020 to all shareholders of record as of the close of business on December 15, 2020. All future dividends will be subject to the approval of the Company’s Board of Directors.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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