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Note 17 - Shareholders' Equity
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Equity [Text Block]

NOTE 17 Shareholders' Equity

 

During the three months ended  March 31, 2023, 119,733 Class A Preferred Shares ("Preferred Shares") were converted into 748,331 common shares.  As a result, during the three months ended  March 31, 2023, $4.9 million was reclassified from redeemable Class A preferred stock to additional paid-in capital on the consolidated balance sheet.  There are no Preferred Shares outstanding at March 31, 2024 and  December 31, 2023.

 

On March 21, 2023, the Company's Board of Directors approved a security repurchase program under which the Company is authorized to repurchase up to $10.0 million of its currently issued and outstanding securities through March 22, 2024.  On March 22, 2024, the Company entered into a one year extension of its existing share repurchase program. As amended, the share repurchase program will now expire on March 21, 2025.  The timing and amount of any repurchases are determined based on market and economic conditions, share price and other factors, and the program may be terminated, modified or suspended at any time at the Company's discretion. During the three months ended  March 31, 2024 and   March 31, 2023, the Company repurchased 8,000 and zero shares, respectively, of common stock for an aggregate purchase price of approximately $0.1 million and zero, respectively, including fees and commissions.  The repurchased common stock will be held as treasury stock at cost and has been removed from common shares outstanding as of March 31, 2024. 

 

The Company previously had warrants outstanding that expired on September 15, 2023. Prior to the expiration thereof, the warrants were recorded in shareholders' equity and entitled each subscriber to purchase one common share of Kingsway at an exercise price of $5.00 for each warrant. During the three months ended  March 31, 2023, warrants to purchase 1,258,840 shares of common stock were exercised, resulting in cash proceeds of $6.3 million.  Any warrants that were not exercised prior to the expiration date became null and void on the expiration date.