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Note 4 - Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Equity [Text Block]

4.

Stockholders’ Equity

 

Share Repurchase Program

 

On November 2, 2023, the Company announced its authorization of a share repurchase program of up to $30 million of its outstanding common stock. The program does not commit to any particular timing or quantity of purchases, and the program may be suspended or discontinued at any time. Under the program, shares may be purchased in open market, including through plans adopted pursuant to Rule 10b5‑1 of the Securities Exchange Act of 1934, as amended, or in privately negotiated transactions administered by its broker.

 

At this time, the Company has elected to limit its share repurchase transactions to only those transactions made under Rule 10b5‑1 trading plans. In November 2023, the Company executed a Rule 10b5‑1 trading plan which designated up to $10 million for daily share repurchases with volumes that fluctuated with changes in the trading price of its common stock. This Rule 10b5‑1 trading plan was terminated in December 2024. In March 2025, the Company executed a Rule 10b5‑1 trading plan which designates up to $5 million for daily share repurchases between April 2, 2025 and July 31, 2025 with volumes that fluctuate with changes in the trading price of its common stock.

 

During the three months ended March 31, 2024, the Company repurchased approximately 127,000 shares of the Company’s common stock for an aggregate amount of $3.7 million. There were no share repurchases authorized during the three months ended March 31, 2025. All shares reacquired in connection with the Company’s share repurchase program are retired and treated as authorized and unissued shares. As of March 31, 2025, $24.9 million of the share repurchase authorization remained available for repurchases under this program.

 

Subsequent to March 31, 2025, the Company repurchased approximately 122,000 shares at an average price of $40.82 per share for a total purchase price of $5.0 million pursuant to a Rule 10b5‑1 trading plan.