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Note 20 - Shareholders' Equity
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Equity [Text Block]

NOTE 20 SHAREHOLDERS' EQUITY

 

The Company is authorized to issue 50,000,000 shares of $0.01 par value common stock. There were 27,136,749 and 27,101,613 shares of common stock outstanding at December 31, 2024 and December 31, 2023, respectively.

 

There were no common stock dividends declared during the years ended December 31, 2024 and December 31, 2023.

 

During 2024, the Company declared dividends to be paid to the holders of its Class B Preferred Stock of $0.2 million.  Cash dividends paid during the year ended December 31, 2024 were less than $0.1 million.  

 

Prior to December 31, 2023, the Company had redeemable Class A Preferred Shares outstanding.  During the year ended  December 31, 2023, 149,733 Class A Preferred Shares were converted into 935,831 common shares, at the conversion price of $4.00 per common share at the option of the holders.  As a result, during 2023, $6.1 million was reclassified from redeemable Class A preferred stock to additional paid-in capital on the consolidated balance sheet as of  December 31, 2023. There are no Class A Preferred Shares outstanding at  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; however, in January 2025 the Company fully utilized the authorized amount. 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 year ended  December 31, 2024, the Company repurchased 312,850 shares of common stock for an aggregate purchase price of approximately $2.5 million, including fees and commissions.  During the year ended  December 31, 2023, the Company repurchased, in the aggregate, 1,516,588 shares of common stock and warrants to purchase common stock for an aggregate purchase price of approximately $7.2 million, including fees and commissions. The repurchased common stock will be held as treasury stock at cost and has been removed from common shares outstanding at December 31, 2024 and December 31, 2023. 

 

There were 983,027 and 670,177shares of treasury stock outstanding at December 31, 2024 and December 31, 2023, respectively.  The Company records treasury stock at cost.

 

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 year ended  December 31, 2023, warrants to purchase 3,331,661 shares of common stock were exercised, resulting in cash proceeds of $16.7 million.  Any warrants that were not exercised prior to the expiration date became null and void on the expiration date.