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Stockholders' Equity
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Stockholders' Equity

Note 8 – Stockholders’ equity:

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Shares of common stock

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Issued

    

Treasury

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Outstanding

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Balance at December 31, 2018

 

12,435,557

 

—

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12,435,557

Issued

 

7,500

 

—

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7,500

Balance at December 31, 2019

 

12,443,057

 

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12,443,057

Issued

 

8,100

 

—

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8,100

Balance at December 31, 2020

 

12,451,157

 

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12,451,157

Issued

 

4,500

 

—

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4,500

Acquired

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—

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(75,000)

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(75,000)

Retired

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(75,000)

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75,000

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Balance at December 31, 2021

 

12,380,657

 

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12,380,657

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Common stock. Our authorized capital stock consists of 20,000,000 shares of Class A common stock and 1,000 shares of preferred stock.

Share repurchases and cancellations. Prior to 2019, our board of directors authorized various repurchases of shares of our Class A common stock in open market transactions, including block purchases, or in privately-negotiated transactions at unspecified prices and over an unspecified period of time. We may repurchase our common stock from time to time as market conditions permit. The stock repurchase program does not include specific price targets or timetables and may be suspended at any time. Depending on market conditions, we may terminate the program prior to its completion. We will generally use cash on hand to acquire the shares. Repurchased shares will be added to our treasury and cancelled. We made no treasury purchases during 2019 or 2020. During 2021, we purchased 75,000 shares of our Class A common stock (50,000 shares in the first quarter and 25,000 shares in the fourth quarter) in market transactions for approximately $1.3 million.  We cancelled these treasury shares and allocated their costs to common stock at par value and additional paid-in-capital. At December 31, 2021, 602,547 shares were available for purchase under these authorizations.

Incentive compensation plan. We have a share-based incentive compensation plan pursuant to which an aggregate of up to 200,000 shares of our Class A common stock can be awarded to non-employee members of our board of directors. All of the Class A common shares we issued in 2019, 2020 and 2021 were issued under this plan. At December 31, 2021, 136,450 shares were available for award under this plan.

Dividends. We paid regular quarterly dividends of $.07 per share during 2019, $0.10 per share during 2020 and $.20 per share during 2021. Declaration and payment of future dividends and the amount thereof, if any, is discretionary

and dependent upon our results of operations, financial condition, cash requirements for our businesses, contractual requirements and restrictions and other factors deemed relevant by our board of directors.