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Note 14 - Stock Repurchase Program
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Treasury Stock [Text Block]
14.
 
Stock Repurchase Program:
 
On
October 2, 2015,
the Company announced that its Board of Directors authorized a stock repurchase program of up to
550,000
shares of the Company
’s issued and outstanding common stock, which could include open market repurchases, negotiated block transactions, accelerated stock repurchases or open market solicitations for shares, all or some of which
may
be effected through Rule
10b5
-
1
plans. Any of the repurchased shares are held in the Company’s treasury, or canceled and retired as the Board
may
determine from time to time. Any repurchases of common stock are subject to the covenants contained in the Loan Agreement. Under the Loan Agreement, the Company
may
repurchase common stock and pay dividends up to
$5.0
million in the aggregate during any trailing
twelve
months without restrictions. Purchases of common stock or dividend payments in excess of
$5.0
million in the aggregate require the Company to (i) maintain availability in excess of
20.0%
of the aggregate revolver commitments (
$80.0
million at
December 31, 2017)
or (ii) to maintain availability equal to or greater than
15.0%
of the aggregate revolver commitments (
$60.0
million at
December 31, 2017)
and the Company must maintain a pro-forma ratio of EBITDA minus certain capital expenditures and cash taxes paid to fixed charges of at least
1.00
to
1.00.
 
There were
no
shares repurchased during
2017
or
2016.
During the
fourth
quarter of
2015,
the Company repurchased
65,283
shares of outstanding common stock at an average cost of
$10.71
per share.