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Note 7 - Capital Stock
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
7.
CAPITAL STOCK
 
The Company's authorized capital stock consists of
40,000,000
shares of common stock, par value
$.01
per share, and
10,000,000
shares of preferred stock, par value
$.01
per share.
At
December 31, 2017,
there were
11,529,124
shares of our common stock issued and
6,160,889
shares outstanding. At
December 31, 2016,
there were
11,510,863
shares of our common stock issued and
6,396,803
shares outstanding.
No
shares of our preferred stock were issued or outstanding at
December 31, 2017
or
2016.
 
Common Stock
 
The holders of our common stock, subject to such rights as
may
be granted to any preferred stockholders, elect all directors and are entitled to
one
vote per share. All shares of common stock participate equally in dividends when and as declared by the Board of Directors and in net assets on liquidation. The shares of common stock have
no
preference, conversion, exchange, preemptive
, or cumulative voting rights.
 
Preferred Stock
 
Preferred stock
may
be issued from time to time by our Board of Directors, without stockholder approval, in such series and with such preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications or other provisions, as
may
be fixed by the Board of Directors in the resolution authorizing their issuance. The issuance of preferred stock by the Board of Directors could adversely affect the rights of holders of shares of common stock; for example, the issuance of preferred stock could result in a class of securities outstanding that would have certain preferences with respect to dividends and in liquidation over the common stock, and that could result in a
dilution of the voting rights, net income per share and net book value of the common stock. As of
December 31, 2017,
we have
no
agreements or understandings for the issuance of any shares of preferred stock.
 
Treasury Stock
 
In
October 2017,
our Board of Directors authorized the repurchase of up to
400,000
shares of our common stock through a Dutch auction tender offer (the
“2017
tender offer”). Subject to certain limitations and legal requirements, the Company could repurchase up to an additional
2%
of its outstanding shares which total
ed
126,060
shares. The
2017
tender offer commenced on
October 10, 2017
and expired on
November 7, 2017.
Through this tender offer, the Company’s shareholders had the opportunity to tender some or all of their shares at a price within the range of
$27.00
to
$30.00
per share. Upon expiration,
143,859
shares were purchased through this offer at a final purchase price of
$30.00
per share for a total of approximately
$4.4
million, including fees and commission. The repurchase was settled on
November 10, 2017.
The Company accounted for the repurchase of these shares as treasury stock on the Company’s consolidated balance sheet as of
December 31, 2017.
 
In
February 2016,
our Board of Directors authorized the repurchase of up to
325,000
shares of our common stock through a Dutch auction tender offer (the
“2016
tender offer”). In
March 2016,
the Company extended the offer and increased the offer from
325,000
shares to
425,000
shares. Subject to certain limitations and legal requirements, the Company could repurchase up to an additional
2%
of its outstanding shares which totaled
142,413
shares. The
2016
tender offer began on the date of the announcement,
February 18, 2016
and expired on
April 5, 2016.
Through this tender offer, the Company’s shareholders had the opportunity to tender some or all of their shares at a price within the range of
$31.00
to
$34.00
per share. Upon expiration,
567,413
shares were purchased through this offer at a final purchase price of
$31.00
per share for a total purchase price of approximately
$17.7
million, including fees and commission. The repurchase was settled on
April 5, 2016.
The Company accounted for the repurchase of these shares as treasury stock on the Company’s consolidated balance sheet as of
December 31, 2016.
 
In
May 2015,
our Board of Directors authorized the repurchase of up to
80,000
shares of our common stock through a Dutch auction tender offer (the
“2015
tender offer”). In
June 2015,
the Company extended the offer and increased the offer from
80,000
shares to
150,000
shares. Subject to certain limitations and legal requirements, the Company could repurchase up to an additional
2%
of its outstanding shares which totaled
148,566
shares. The
2015
tender offer began on the date of the announcement,
May 22, 2015
and expired on
July 9, 2015.
Through this tender offer, the Company’s shareholders had the opportunity to tender some or all of their shares at a price within the range of
$59.00
to
$63.00
per share. Upon expiration,
298,566
shares were purchased through this offer at a final purchase price of
$59.00
per share for a total purchase price of approximately
$17.8
million, including fees and commission. The repurchase was settled on
July 16, 2015.
The Company accounted for the repurchase of these shares as treasury stock on the Company’s consolidated balance sheet as of
December 31, 2015.
 
The Company
’s stock repurchase program has been extended and expanded several times, most recently in
April 2017,
when the Board of Directors reauthorized
500,000
shares of common stock for repurchase under the initial
September 2011
authorization. The Company repurchased
110,316
shares of its common stock under this program during
2017.
 
The Company accounts for Treasury stock using the cost method and as of
December 31,
201
7,
5,368,235
shares were held in the treasury at an aggregate cost of approximately
$129,183,000.