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Note 17 - Shareholders' Equity
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Equity [Text Block]

NOTE 17 Shareholders' Equity

 

(a)

Common Stock Sale

 

On June 24, 2025, the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) with certain third-parties. Pursuant to the Purchase Agreement, the Company sold an aggregate of 1,336,264 shares of its Common Stock, par value $0.01 per share for aggregate gross proceeds of $15.7 million.  The purchase price for each share of Common Stock was $11.75 per share.  Net proceeds to the Company were $15.6 million after deducting offering expenses. 

 

(b)

Preferred Stock

 

During the three and six months ended June 30, 2025, the Company declared dividends to be paid to the holders of (i) its Class B Preferred Stock of $0.2 million and $0.3 million, respectively, (ii) its Class C Preferred Stock of $0.1 million and $0.2 million, respectively, and (iii) its Class D Preferred Stock of less than $0.1 million, with respect to the Class D Preferred Stock for the partial quarter period commencing on the date such shares were issued and ending June 30, 2025.  Cash dividends paid during the three and six months ended June 30, 2025 were $0.2 million and $0.4 million, respectively.   

 

(c)

Security Repurchases

 

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 expired on March 21, 2025; however, in January 2025 the Company fully utilized the authorized amount.  The timing and amount of any repurchases were determined based on market and economic conditions, share price and other factors, and the program could have been be terminated, modified or suspended at any time at the Company's discretion. During the three and six months ended June 30, 2025, the Company repurchased zero and 42,900 shares, respectively, of common stock for an aggregate purchase price of zero and $0.3 million, respectively (110,550 and 118,550 shares, respectively, of common stock for an aggregate purchase price of $0.9 million and $1.0 million, respectively during the three and six months ended  June 30, 2024, 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   June 30, 2025.