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SHAREHOLDERS’ EQUITY
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
SHAREHOLDERS’ EQUITY

8. SHAREHOLDERS’ EQUITY

 

As of March 31, 2022 and December 31, 2021, 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 2022 and 2021, upon approval of the Board of Directors (the “Board”) the Company has declared and paid dividends, as set forth in the following table:

 

Dividend Declared  Dividend Paid
Date  Price Per Share   Date  Amount 
March 29, 2022  $0.30   April 25, 2022  $3,028,000 
December 9, 2021  $0.30   December 30, 2021  $3,029,000 
September 15, 2021  $0.30   October 4, 2021  $3,028,000 
June 9, 2021  $0.30   July 6, 2021  $3,028,000 
March 24, 2021  $0.28   April 14, 2021  $2,827,000 
December 11, 2020  $0.28   January 5, 2021  $2,826,000 

 

In addition to the above dividend amounts, there were dividends approved by the Company’s foreign subsidiary during September 2021, which amounted to an outlay of cash of $129,000 to the foreign subsidiary’s noncontrolling interest.

 

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.

 

 

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.