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SHAREHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
SHAREHOLDERS’ EQUITY

8. SHAREHOLDERS’ EQUITY

 

As of June 30, 2020 and December 31, 2019, the Company had authorized 20,000,000 common stock shares with par value of $0.01 per share. For both periods, the total number of outstanding shares was 10,094,322, shares held in Treasury was 59,311, and total shares issued was 10,153,633.

 

During 2020 and 2019, upon approval of the Board of Directors (the “Board”) the Company has declared and paid regular quarterly dividends, as well as special dividends, as set forth in the following table: 

 

Dividend Declared  Dividend Declared   Dividend Paid  Dividend Paid 
Date  Price Per Share   Date  Amount 
June 24, 2020  $0.28   July 13, 2020 * $2,826,000 
March 31, 2020  $0.28   April 17, 2020* $2,826,000 
December 16, 2019 (S) $3.50   December 30, 2019* $35,330,000 
December 14, 2019  $0.28   January 3, 2020* $2,826,000 
September 6, 2019  $0.28   October 2, 2019* $2,826,000 
June 13, 2019  $0.28   July 2, 2019* $2,826,000 
April 9, 2019  $0.24   April 29, 2019** $2,422,000 
December 13, 2018  $0.24   January 3, 2019** $2,422,000 

 

(*) The number of shares outstanding on the dividend payment date was 10,094,322.
(**) The number of shares outstanding on the dividend payment date was 10,091,822.
(S) indicates special dividend

 

In addition to the above dividend amounts, there were dividends approved by the Company’s foreign subsidiary during July and December of 2019, with the cash distribution to the noncontrolling interest of $137,000 and $65,000, respectively, paid during those respective months.

 

It should be noted that from time to time, the Board may elect to pay special dividends, in addition to or in lieu of the regular quarterly dividends, depending upon the financial condition of the Company. Special dividends are indicated in the above schedule as (S).

 

The Board approved and granted a total of 2,500 restricted stock unit awards (the “Awards”) to be allocated to the existing non-employee directors of the Company. The Awards were approved by the shareholders of the Company at the annual meeting on June 11, 2019, and distributed on June 20, 2019. A Form S-8 registration statement, and the restricted stock unit award agreements, were filed with the SEC on December 13, 2018 (2,000 units) and May 24, 2019 (500 units). The related director compensation cost of approximately $217,000 was recognized during June 2019.

 

 

On April 4, 2014, the Board authorized an extension of its stock repurchase program without expiration, up to a maximum amount of $1,000,000. The original program established in December 2007 authorized the purchase of up to $5,000,000 of its common stock. The purchases may be made from time-to-time in the open market or in privately negotiated transactions, depending on market and business conditions. The Board retained the right to cancel, extend, or expand the share buyback program, at any time and from time-to-time. Since inception, the Company has purchased a total of 61,811 shares for approximately $932,000, or approximately $15 per share, which were held as treasury shares. The Company has not made any stock repurchases since 2014; however, as stated above, there were 2,500 shares distributed from treasury to non-employee directors during June 2019.