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Note 9 - Capital Stock
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Equity [Text Block]

9.

CAPITAL STOCK

 

The Company's authorized capital stock consists of 50,000,000 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, 2023, there were 22,317,671 shares of our common stock issued and 22,021,341 shares outstanding. At December 31, 2022, there were 22,293,687 shares of our common stock issued and 22,166,450 shares outstanding. No shares of our preferred stock were issued or outstanding at December 31, 2023 or 2022.

 

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, 2023, we have no agreements or understandings for the issuance of any shares of preferred stock.

 

Treasury Stock

 

The Company’s stock repurchase program has been extended and expanded several times, most recently in July 2023, when the Board of Directors reauthorized 500,000 shares of common stock for repurchase under the initial September 2011 authorization. The Company repurchased 169,093 shares and 168,847 shares of its common stock under this program during 2023 and 2022, respectively.

 

The Company accounts for Treasury stock using the cost method, and as of December 31, 2023, 296,330 shares were held in the treasury at an aggregate cost of approximately $8,736,000.