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Note 8 - Capital Stock | 12 Months Ended
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Dec. 31, 2025
Notes to Financial Statements |
Equity [Text Block] | NOTE 8. CAPITAL STOCK Common Stock Issuances During 2025 and 2024, the Company completed the following public offerings of shares of its common stock.
($ in thousands, except per share amounts) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Weighted |  |  |  |  |  |  |  |  |
|  |  | Average |  |  |  |  |  |  |  |  |
|  |  | Price |  |  |  |  |  |  |  |  |
|  |  | Received |  |  |  |  |  |  | Net |
Type of Offering | Period |  | Per Share(1) |  |  | Shares |  |  | Proceeds(2) |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |
At the Market Offering Program(3) | First Quarter |  | $ | 8.17 |  |  |  | 25,142,046 |  |  | $ | 205,424 |
At the Market Offering Program(3) | Second Quarter |  |  | 7.01 |  |  |  | 19,884,204 |  |  |  | 139,416 |
At the Market Offering Program(3) | Third Quarter |  |  | 7.03 |  |  |  | 21,664,659 |  |  |  | 152,345 |
At the Market Offering Program(3) | Fourth Quarter |  |  | 7.24 |  |  |  | 33,738,722 |  |  |  | 244,238 |
|  |  |  |  |  |  |  | 100,429,631 |  |  | $ | 741,423 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |
At the Market Offering Program(3) | First Quarter |  | $ | 8.80 |  |  |  | 1,490,075 |  |  | $ | 13,109 |
At the Market Offering Program(3) | Second Quarter |  |  | 8.40 |  |  |  | 11,990,383 |  |  |  | 100,698 |
At the Market Offering Program(3) | Third Quarter |  |  | 8.25 |  |  |  | 13,314,022 |  |  |  | 109,891 |
At the Market Offering Program(3) | Fourth Quarter |  |  | 7.86 |  |  |  | 4,533,067 |  |  |  | 35,630 |
|  |  |  |  |  |  |  | 31,327,547 |  |  | $ | 259,328 |
(1) | Weighted average price received per share is after deducting the underwriters’ discount, if applicable, and other offering costs.
(2) | Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs.
(3) | As of December 31, 2025, the Company had entered into twelve equity distribution agreements, eleven of which have either been terminated because all shares were sold or were replaced with a subsequent agreement.
Stock Repurchase Program On July 29, 2015, the Company’s Board of Directors authorized the repurchase of up to 400,000 shares of the Company’s common stock. On February 8, 2018, the Board of Directors approved an increase in the stock repurchase program for up to an additional 904,564 shares of the Company's common stock. Coupled with the 156,751 shares remaining from the original 400,000 share authorization, the increased authorization brought the total authorization to 1,061,315 shares, representing 10% of the then outstanding share count. On December 9, 2021, the Board of Directors approved an increase in the number of shares of the Company’s common stock available in the stock repurchase program for up to an additional 3,372,399 shares, bringing the remaining authorization under the stock repurchase program to 3,539,861 shares, representing approximately 10% of the Company’s then outstanding shares of common stock. On October 12, 2022, the Board of Directors approved an increase in the number of shares of the Company’s common stock available in the stock repurchase program for up to an additional 4,300,000 shares, bringing the remaining authorization under the stock repurchase program to 6,183,601 shares, representing approximately 18% of the Company’s then outstanding shares of common stock. As part of the stock repurchase program, shares may be purchased in open market transactions, block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Open market repurchases will be made in accordance with Exchange Act Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of open market stock repurchases. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The authorization does not obligate the Company to acquire any particular amount of common stock. The stock repurchase program may be suspended or discontinued at the Company’s discretion without prior notice and has no termination date. From the inception of the stock repurchase program through December 31, 2025, the Company repurchased a total of 6,257,826 shares at an aggregate cost of approximately $84.8 million, including commissions and fees, for a weighted average price of $13.55 per share. During the year ended December 31, 2025, the Company repurchased a total of 1,113,224 shares at an aggregate cost of approximately $7.3 million, including commissions and fees, for a weighted average price of $6.52 per share. During the year ended December 31, 2024, the Company repurchased a total of 396,241 shares at an aggregate cost of approximately $3.3 million, including commissions and fees, for a weighted average price of $8.30 per share. The remaining authorization under the stock repurchase program as of February 20, 2026 was 2,719,137 shares. Cash Dividends The table below presents the cash dividends declared on the Company’s common stock.
(in thousands, except per share amounts) |  |  |  |  |  |  |  |
Year |  | Per Share Amount |  |  | Total |
2013 |  | $ | 6.975 |  |  | $ | 4,662 |
2014 |  |  | 10.800 |  |  |  | 22,643 |
2015 |  |  | 9.600 |  |  |  | 38,748 |
2016 |  |  | 8.400 |  |  |  | 41,388 |
2017 |  |  | 8.400 |  |  |  | 70,717 |
2018 |  |  | 5.350 |  |  |  | 55,814 |
2019 |  |  | 4.800 |  |  |  | 54,421 |
2020 |  |  | 3.950 |  |  |  | 53,570 |
2021 |  |  | 3.900 |  |  |  | 97,601 |
2022 |  |  | 2.475 |  |  |  | 87,906 |
2023 |  |  | 1.800 |  |  |  | 81,127 |
2024 |  |  | 1.440 |  |  |  | 96,309 |
2025 |  |  | 1.440 |  |  |  | 190,930 |
2026 YTD(1) |  |  | 0.240 |  |  |  | 44,957 |
Totals |  | $ | 69.570 |  |  | $ | 940,793 |
(1) | On January 7, 2026, the Company declared a dividend of $0.12 per share to be paid on February 26, 2026. On February 11, 2026, the Company declared a dividend of $0.12 per share to be paid on March 30, 2026. The effect of these dividends are included in the table above, but are not reflected in the Company’s financial statements as of December 31, 2025.

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