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Note G - Treasury Stock
 9 Months Ended
Sep. 30, 2019
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
nine
months ended
September 30, 2019,
the Company repurchased
46,474
shares of its common stock at an aggregate cost of approximately
$1,974,000
under this program.
 
On
May 13, 2019,
the Company commenced a tender offer to repurchase up to
200,000
shares of the Company’s outstanding common stock at a price of
not
greater than
$60.00
nor less than
$55.00
per share. Following the expiration of the tender offer on
June 11, 2019,
the Company accepted
192,743
shares of its common stock for purchase at
$60.00
per share, at an aggregate purchase price of approximately
$11.6
million, excluding fees and expenses related to the offer. The Company funded the purchase of the accepted shares tendered with available cash, cash equivalents and borrowings available under our existing line of credit and accounted for the repurchase of these shares as treasury stock on the Company’s Condensed Consolidated Balance Sheet as of
September 30, 2019.
 
The Company accounts for Treasury stock using the cost method, and as of
September 30, 2019,
5,894,803
shares were held in the treasury at an aggregate cost of approximately
$156,167,000.