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Note 5 - Stockholders' Equity | 6 Months Ended
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Jun. 30, 2025
Notes to Financial Statements |
Equity [Text Block] |
5. | 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 designated up to $5 million for daily share repurchases with volumes that fluctuate with changes in the trading price of its common stock. All shares under this Rule 10b5‑1 trading plan were repurchased as of April 15, 2025. In May 2025, the Company executed a Rule 10b5‑1 trading plan which designates up to $10 million for daily share repurchases between June 13, 2025 and July 31, 2025 with volumes that fluctuate with changes in the trading price of its common stock. During the three and six months ended June 30, 2025, the Company repurchased approximately 192,000 shares of the Company’s common stock for an aggregate amount of $7.8 million. During the three and six months ended June 30, 2024, the Company repurchased approximately 18,000 shares and 145,000 shares, respectively, of the Company’s common stock for an aggregate amount of $0.6 million and $4.3 million, respectively. All shares reacquired in connection with the Company’s share repurchase program are retired and treated as authorized and unissued shares. As of June 30, 2025, $17.1 million of the share repurchase authorization remained available for repurchases under this program. Subsequent to June 30, 2025, the Company repurchased approximately 171,000 shares at an average price of $42.04 per share for a total purchase price of $7.2 million pursuant to a Rule 10b5‑1 trading plan.

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