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Note 13 - Share Repurchase Program
6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Treasury Stock [Text Block]

NOTE 13: SHARE REPURCHASE PROGRAM

 

In February 2020, the Board authorized the repurchase by the Company of an additional 700,000 shares of common stock pursuant to the Company’s share repurchase program.

 

The Company did not repurchase any shares of common stock during the second quarter of 2020. During the second quarter of 2019, the Company repurchased 103,013 shares of common stock at an average purchase price of $22.57 per share for an aggregate purchase price of $2,325. During the first six months ended June 30, 2020, the Company repurchased 202,392 shares of common stock at an average purchase price of $23.62 per share for an aggregate purchase price of $4,780. During the first six months ended June 30, 2019, the Company repurchased 194,316 shares of common stock at an average purchase price of $25.01 per share for an aggregate purchase price of $4,861. As of June 30, 2020, 497,608 shares of common stock remained available for repurchase pursuant to the Company’s share repurchase program.

 

The repurchases of common stock are accounted for as treasury stock, and result in a reduction of stockholders’ equity. When treasury shares are reissued, the Company accounts for the reissuance in accordance with FASB ASC No. 505-30, “Treasury Stock” and charges the excess of the repurchase cost over issuance price using the weighted average method to retained earnings. The purchase cost is calculated based on the specific identified method. In the case where the repurchase cost over issuance price using the weighted average method is lower than the issuance price, the Company credits the difference to additional paid-in capital.