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Note 13 - Equity
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Equity [Text Block]

13. Equity

 

The tables below present changes in stockholders' equity for the three months ended March 31, 2024 and 2023.

 

   

Common Stock

    

Additional Paid-in

    

Accumulated

    

Other Comprehensive

    

Total Stockholders'

  
   

Shares

    

Amount

    

Capital

    

Deficit

    

Income

    

Equity

  

Balances at December 31, 2023

     71,091,616     $ 7,109     $ 235,795,420     $ (38,943,622 )   $ —     $ 196,858,907  

Net income

     —       —       —       10,277,340       —       10,277,340  

Issuance of common stock

     30,900       3       (158,983 )     —       —       (158,980 )

Cash dividend ($0.60 per share)

     —       —       —       (43,117,072 )     —       (43,117,072 )

Stock-based compensation

     —       —       1,130,010       —       —       1,130,010  

Balances at March 31, 2024

     71,122,516     $ 7,112     $ 236,766,447     $ (71,783,354 )   $ —     $ 164,990,205  

 

   

Common Stock

    

Additional Paid-in

    

Accumulated

    

Other Comprehensive

    

Total Stockholders'

  
   

Shares

    

Amount

    

Capital

    

Deficit

    

Income

    

Equity

  

Balances at December 31, 2022

     72,675,190     $ 7,268     $ 233,957,767     $ (63,804,993 )   $ —     $ 170,160,042  

Net loss

     —       —       —       (918,255 )     —       (918,255 )

Repurchase of common stock (including excise tax)

     (1,139,922 )     (114 )     —       (7,556,943 )     —       (7,557,057 )

Stock-based compensation

     —       —       408,730       —       —       408,730  

Balances at March 31, 2023

     71,535,268     $ 7,154     $ 234,366,497     $ (72,280,191 )   $ —     $ 162,093,460  

 

On August 2, 2021, the Company's Board of Directors authorized a share repurchase program ("Repurchase Authorization") under which the Company could 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 Repurchase Authorization were made from time to time at the Company's discretion. The timing and actual number of shares repurchased depended 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 three months ended March 31, 2024, the Company did not repurchase any shares. During the three months ended March 31, 2023, the Company repurchased approximately 1.1 million shares of common stock under the Repurchase Authorization for approximately $7.5 million. In addition, during the three months ended March 31, 2023, the Company recorded approximately $0.1 million of excise tax associated with the repurchase of common stock.

 

On December 31, 2023, the Repurchase Authorization expired. 

 

On March 12, 2024, the Board of Directors declared a special dividend of $0.60 per share on the common stock of the Company, which resulted in an overall dividend payment of approximately $43 million. The special dividend was paid on April 11, 2024 to shareholders of record at the close of business on March 26, 2024.