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Note 14 - Equity
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

14. Equity

 

The tables below present changes in stockholders' equity for the three and nine months ended September 30, 2022 and 2021.

 

   

Common Stock

    

Additional Paid-in

    

Accumulated

    

Other Comprehensive

     Total Stockholders'  
   

Shares

    

Amount

    

Capital

    

Deficit

    

Income

    

Equity

  

Balances at June 30, 2022

     73,024,147     $ 7,302     $ 232,942,666     $ (93,181,114 )   $ —     $ 139,768,854  

Net income

     —       —       —       33,040,588       —       33,040,588  

Stock-based compensation

     —       —       328,685       —       —       328,685  

Balances at September 30, 2022

     73,024,147     $ 7,302     $ 233,271,351     $ (60,140,526 )   $ —     $ 173,138,127  

 

   

Common Stock

    

Additional Paid-in

    

Accumulated

    

Other Comprehensive

    

Total Stockholders'

  
   

Shares

    

Amount

    

Capital

    

Deficit

    

Income

    

Equity

  

Balances at December 31, 2021

     73,543,602     $ 7,354     $ 226,070,308     $ (51,763,255 )   $ —     $ 174,314,407  

Net income

     —       —       —       34,716,600       —       34,716,600  

Repurchase of common stock

     (1,474,781 )     (147 )     —       (10,149,557 )     —       (10,149,704 )

Payment of common stock tendered for employee stock-based compensation tax obligations

     (1,973 )     —       (12,533 )     —       —       (12,533 )

Issuance of common stock upon vesting of RSUs

     132,396       13       (13 )     —       —       —  

Issuance of common stock upon exercise of warrants

     824,903       82       6,120,696       —       —       6,120,778  

Cash dividend ($0.45 per share)

     —       —       —       (32,944,314 )     —       (32,944,314 )

Stock-based compensation

     —       —       1,092,893       —       —       1,092,893  

Balances at September 30, 2022

     73,024,147     $ 7,302     $ 233,271,351     $ (60,140,526 )   $ —     $ 173,138,127  

 

   

Common Stock

    

Additional Paid-in

    

Accumulated

    

Other Comprehensive

    

Total Stockholders'

  
   

Shares

    

Amount

    

Capital

    

Deficit

    

Income

    

Equity

  

Balances at June 30, 2021

     75,389,417     $ 7,539     $ 225,678,876     $ (108,965,453 )   $ —     $ 116,720,962  

Net loss

     —       —       —       (3,113,358 )     —       (3,113,358 )

Repurchase of common stock

     (1,110,763 )     (111 )     —       (7,134,577 )     —       (7,134,688 )

Payment of common stock tendered for employee stock-based compensation tax obligations

     (25,203 )     (2 )     (160,554 )     —       —       (160,556 )

Issuance of common stock upon vesting of RSUs

     53,334       5       (5 )     —       —       —  

Stock-based compensation

     —       —       243,502       —       —       243,502  

Balances at September 30, 2021

     74,306,785     $ 7,431     $ 225,761,819     $ (119,213,388 )   $ —     $ 106,555,862  

 

   

Common Stock

    

Additional Paid-in

    

Accumulated

    

Other Comprehensive

    

Total Stockholders'

  
   

Shares

    

Amount

    

Capital

    

Deficit

    

Income

    

Equity

  

Balances at December 31, 2020

     77,195,704     $ 7,720     $ 224,978,430     $ (95,192,881 )   $ —     $ 129,793,269  

Net loss

     —       —       —       (3,756,262 )     —       (3,756,262 )

Repurchase of common stock

     (3,024,690 )     (302 )     —       (20,264,245 )     —       (20,264,547 )

Payment of common stock tendered for employee stock-based compensation tax obligations

     (27,105 )     (3 )     (173,915 )     —       —       (173,918 )

Issuance of common stock upon vesting of RSUs

     162,876       16       (16 )     —       —       —  

Stock-based compensation

     —       —       957,320       —       —       957,320  

Balances at September 30, 2021

     74,306,785     $ 7,431     $ 225,761,819     $ (119,213,388 )   $ —     $ 106,555,862  

 

On August 2, 2021, the Company's Board of Directors authorized a share repurchase program ("New Repurchase Authorization") under which the Company may repurchase up to $50 million of the Company's common stock through December 31, 2023. The Company started repurchasing shares under this program in the fourth quarter of 2021. Repurchases under the New Repurchase Authorization  may be made from time to time at the Company's discretion in open market transactions, through block trades, in privately negotiated transactions and pursuant to any trading plan that may be adopted by the Company's management in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise. The timing and actual number of shares repurchased will depend on a variety of factors, including: timing of procurement orders under government contracts; alternative opportunities for strategic uses of cash; the stock price of the Company’s common stock; market conditions; alternative capital management uses of cash; and other corporate liquidity requirements and priorities. During the nine months ended September 30, 2022, the Company repurchased approximately 1.5 million shares of common stock under the New Repurchase Authorization for approximately $10.1 million. No shares were repurchased in the three months ended September 30, 2022. 

 

Prior to the effective date of the New Repurchase Authorization, the Company repurchased shares under a program that was announced in March 2020. Under this program, $50 million of the Company's common stock was repurchased, including approximately 1.1 million shares of common stock for approximately $7.1 million that was repurchased during the three months ended September 30, 2021, and 3.0 million shares of common stock for approximately $20.3 million that was repurchased during the nine months ended September 30, 2021.

 

On May 5, 2022, the Board of Directors declared a special dividend of $0.45 per share on the common stock of the Company, which resulted in an overall dividend payment of $32.9 million. The special dividend was paid on June 2, 2022 to shareholders of record at the close of business on May 17, 2022.