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Note 13 - Equity
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Equity [Text Block]

13. Equity

 

The tables below present changes in stockholders' equity for the three and nine months ended September 30, 2024 and 2023.

 

  

Common Stock

  

Additional Paid-in

  

Accumulated

  

Other Comprehensive

  

Total Stockholders'

 
  

Shares

  

Amount

  

Capital

  

Deficit

  

Income

  

Equity

 

Balances at June 30, 2024

  71,305,893  $7,131  $237,502,156  $(69,950,738) $—  $167,558,549 

Net income

  —   —   —   1,343,945   —   1,343,945 

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

  (37,427)  (4)  (282,596)  —   —   (282,600)

Issuance of common stock upon vesting of RSUs

  100,808   10   (10)  —   —   — 

Cash dividend ($0.60 per share)

  —   —   —   8,466   —   8,466 

Stock-based compensation

  —   —   813,774   —   —   813,774 

Balances at September 30, 2024

  71,369,274  $7,137  $238,033,324  $(68,598,327) $—  $169,442,134 

 

  

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

  —   —   —   13,453,901   —   13,453,901 

Issuance of common stock

  49,940   5   (5)  —   —   — 

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

  (82,136)  (8)  (638,131)  —   —   (638,139)

Issuance of common stock upon vesting of RSUs

  309,854   31   (31)  —   —   — 

Cash dividend ($0.60 per share)

  —   —   —   (43,108,606)  —   (43,108,606)

Stock-based compensation

  —   —   2,876,071   —   —   2,876,071 

Balances at September 30, 2024

  71,369,274  $7,137  $238,033,324  $(68,598,327) $—  $169,442,134 

 

  

Common Stock

  

Additional Paid-in

  

Accumulated

  

Other Comprehensive

  

Total Stockholders'

 
  

Shares

  

Amount

  

Capital

  

Deficit

  

Income

  

Equity

 

Balances at June 30, 2023

  71,082,944  $7,109  $234,873,128  $(110,806,181) $—  $124,074,056 

Net loss

  —   —   —   (393,066)  —   (393,066)

Issuance of common stock upon exercise of stock options

  8,672   —   —   —   —   — 

Stock-based compensation

  —   —   459,823   —   —   459,823 

Balances at September 30, 2023

  71,091,616  $7,109  $235,332,951  $(111,199,247) $—  $124,140,813 

 

  

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

  —   —   —   (4,186,799)  —   (4,186,799)

Issuance of common stock upon exercise of stock options

  8,672   —   —   —   —   — 

Repurchase of common stock (including excise tax)

  (1,736,822)  (174)  —   (11,072,337)  —   (11,072,511)

Issuance of common stock upon vesting of RSUs

  144,576   15   (15)  —   —   — 

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

  —   —   (214,794)  —   —   (214,794)

Cash dividend ($0.45 per share)

  —   —   —   (32,135,118)  —   (32,135,118)

Stock-based compensation

  —   —   1,589,993   —   —   1,589,993 

Balances at September 30, 2023

  71,091,616  $7,109  $235,332,951  $(111,199,247) $—  $124,140,813 

 

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. On December 31, 2023, the Repurchase Authorization expired. As a result, during the three and nine months ended September 30, 2024, the Company did not repurchase any shares. The Company did not repurchase any shares during the three months ended September 30, 2023. During the nine months ended September 30, 2023, the Company repurchased approximately 1.7 million shares of common stock under the Repurchase Authorization for approximately $11.0 million. In addition, during the nine months ended September 30, 2023, the Company recorded approximately $0.1 million of excise tax associated with the repurchase of common stock.

 

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.