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Note 11 - Stockholders' Equity
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

11.      STOCKHOLDERS’ EQUITY

 

Treasury Stock. Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity in the condensed consolidated financial statements. Treasury shares of 347,439 held at September 30, 2022 include shares repurchased under the Company’s share repurchase programs and shares withheld for withholding tax, as described below.

 

Share Repurchase Programs. On July 1, 2015, the Company’s board of directors (the “Board”) authorized up to $250.0 million of share repurchases (subject to a total cap of 600,000 shares of common stock) (the "2015 Program"). On May 20, 2022, the Company's Board authorized up to $450.0 million of additional share repurchases (with no cap as to the number of shares of common stock) (the "2022 Program" and, together with the 2015 Program, the "Share Repurchase Programs"). The Company exhausted the share repurchase authorization under the 2015 Program during the second quarter of 2022 and had $288.1 million of remaining share repurchase authorization under the 2022 Program as of September 30, 2022. Additional purchases under the 2022 Program  may be made from time to time on the open market and in privately negotiated transactions. The size and timing of these purchases are based on a number of factors, including share price and business and market conditions. Since the inception of the Share Repurchase Programs through September 30, 2022, the Company had repurchased 443,268 shares of its common stock at an aggregate cost of $411.9 million, including 232,637 shares purchased at an aggregate cost of $307.0 million during the nine months ended September 30, 2022.

 

Tax Withholding for Equity Awards. At the employee’s option, shares of common stock are withheld by the Company upon the vesting of restricted stock and exercise of stock appreciation rights (“SARs”) to cover the applicable statutory minimum amount of employee withholding taxes, which the Company then pays to the taxing authorities in cash. The amounts remitted during the nine months ended September 30, 2022 and 2021 were $4.8 million and $8.0 million, for which the Company withheld 2,790 and 3,650 shares of common stock, respectively.