XML 44 R19.htm IDEA: XBRL DOCUMENT v3.25.0.1
SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2024
SHAREHOLDERS' EQUITY  
STOCKHOLDERS' EQUITY

11.SHAREHOLDERS’ EQUITY

Common Stock

The Company is authorized to issue up to 100,000,000 shares of common stock with a par value of $0.01 per share.

For more information on stock-based compensation, the Company’s 2016 Stock Incentive Plan and the Company’s 2023 Non-Employee Director Stock Plan, see Note 12 – “Stock Incentive Plans” to our consolidated financial statements.

Preferred Stock

The Company is authorized to issue up to 5,000,000 shares of undesignated preferred stock with a par value of $0.01 per share that can be issued in one or more series. The terms, price and conditions of the preferred stock are set by the Board of Directors. No shares of preferred stock have been issued.

Dividends

The Company pays quarterly cash dividends and has paid quarterly cash dividends consecutively since May 2011. We paid cash dividends per share of common stock of $0.76 in fiscal 2024, and $0.72 in fiscal 2023, and 2022, respectively.

Stock Repurchase Program

On April 2, 2024, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to purchase up to $25.0 million of the Company’s common stock with no expiration date (the “Repurchase Program”). Repurchases under the Repurchase Program may be made on the open market, in privately negotiated transactions, block purchases, or otherwise as permitted by the federal securities laws and other legal and contractual requirements and are expected to comply with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The number of shares to be repurchased and the timing of any repurchases will depend on a number of factors, including share price, economic and market conditions, and corporate requirements, among others. The Company may choose to suspend or discontinue the Repurchase Program at any time. The cost of the shares repurchased will be funded from our available cash and temporary investments and borrowings under our credit facility.

For accounting purposes, common stock repurchased under the Repurchase Program is recorded based upon the settlement date of the applicable trade. During the three months ended December 31, 2024, the Company did not repurchase any of common stock pursuant to the Repurchase Program. During the year ended December 31, 2024 the Company repurchased 49,500 shares of common stock pursuant to the Repurchase Program. The total cost of the shares repurchased during 2024 was $2.9 million with an average share price of $58.58. All repurchased shares constitute authorized but unissued shares.