XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note G - Treasury Stock
 6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Treasury Stock [Text Block]
NOTE
G
: TREASURY STOCK
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. During the
six
months ended
June 30, 2018
the Company repurchased
1,000
shares of its common stock at an aggregate cost of approximately
$36,000
under this program.
 
On
May 8, 2018,
the Company commenced a tender offer to repurchase up to
100,000
shares of the Company’s outstanding common stock at a price of
not
greater than
$43.00
nor less than
$39.00
per share. Following the expiration of the tender offer on
June 7, 2018,
the Company accepted
185,597
shares of its common stock for purchase at
$40.00
per share, including
85,597
oversubscribed shares tendered, at an aggregate purchase price of approximately
$7.4
million, excluding fees and expenses related to the offer.
 
The Company accounts for Treasury stock using the cost method, and as of
June 30, 2018,
5,554,832
shares were held in the treasury at an aggregate cost of approximately
$136,714,000.