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Note 9 - Capital Stock
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Equity [Text Block]

9.

CAPITAL STOCK

 

The Company's authorized capital stock consists of 100,000,000 shares of common stock, par value $.01 per share, and 10,000,000 shares of preferred stock, par value $.01 per share. On October 31, 2024, the Company’s shareholders approved an increase in the authorized shares of common stock from 50,000,000 to 100,000,000 shares. At December 31, 2024, there were 22,364,120 shares of our common stock issued and 21,782,534 shares outstanding. At December 31, 2023, there were 22,317,671 shares of our common stock issued and 22,021,341 shares outstanding. No shares of our preferred stock were issued or outstanding at December 31, 2024 or 2023.

 

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, 2024, 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 1,050 shares and 169,093 shares of its common stock under this program during 2024 and 2023, respectively. As of December 31, 2024, there remain 474,016 shares of common stock authorized under this plan.

 

On April 24, 2024, the Company commenced a tender offer to repurchase up to 550,000 shares of the Company’s outstanding common stock at a price of not greater than $18.00 nor less than $15.50 per share. Following the expiration of the tender offer on May 22, 2024, the Company accepted 284,206 shares of its common stock for purchase at $18.00 per share, at an aggregate purchase price of approximately $5.1 million, excluding fees and expenses related to the offer. The Company funded the purchase of the accepted shares tendered with available cash and accounted for the repurchase of these shares as treasury stock on the Company’s condensed consolidated balance sheet as of December 31, 2024.

 

The Company accounts for Treasury stock using the cost method, and as of December 31, 2024, 581,586 shares were held in the treasury at an aggregate cost of approximately $13,996,000.