XML 33 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 10 - Common Shares
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
10.
Common shares:
 
The Company
’s authorized common share capital is
250
 million shares of common stock without nominal or par value. On
December 
31,
2017,
there were
10,583,879
 shares of common stock outstanding (
2016:
10,461,574
).
 
 
 
Repurchase of common shares:
 
 
(a)
Normal Course Issuer Bids:
 
On
February 14,
 
2018,
the Company announced that its Board of Directors approved a stock buyback program to repurchase up to
$40
million of its common stock in the open market. Refer to Note
17
– Subsequent Events.
 
On
March 1,
 
2017,
the Company announced that its Board of Directors approved a stock buyback program to repurchase up to
$40
million of its common stock in the open market.
Under this buyback program, the Company
may
repurchase up to
$40
million of its common stock in the open market.
No
repurchases were made under the program which ended
February 14, 2018.
 
On
February
 
9,
 
2016,
the Company announced a stock buyback program. Under this buyback program, the Company
may
repurchase up to
$40
million of its common stock in the open market. Purchases were made exclusively through the facilities of the NASDAQ Capital Market. The stock buyback program commenced on
February 
10,
 
2016
and terminated on
February 9, 2017.
The company repurchased
308,416
shares under this program during the year ended
December 31, 2016
for a total
$7.2
million.
 
On
February 11, 2015,
the Company announced a stock buyback program. Under this buyback program, the Company
may
repurchase up to
$20
 million of the Company's common stock over the
12
-month period that commenced on
February 11, 
2015.
The Company repurchased
231,047
shares under this program during the
three
months ended
December 
31,
 
2015
for a total of
$5.4
 million. The Company repurchased
868,549
shares under this program during the year ended
December 
31,
 
2015
for a total of
$20.0
million.
 
(b)
           Modified Dutch Tender Offers:
 
On
January 7, 2015,
the Company successfully concluded a modified “Dutch auction tender offer” that was previously announced in
December 2014.
Under the terms of the offer, the Company repurchased an aggregate of
193,907
shares of its common stock at a purchase price of
$18.50
per share, for a total of
$3.6
million, excluding transaction costs of approximately
$0.1
million. The purchase price and all transaction costs were funded from available cash. All shares purchased in the tender offer received the same price and all shares repurchased were immediately retired.
 
(c
) Net Exercise of Stock Options
 
Our current equity-based compensation plans include provisions that allow for the “net exercise” of stock options by all plan participants. In a net exercise, any required payroll taxes, federal withholding taxes and exercise price of the shares due from the option holder can be paid for by having the option holder tender back to the Company a number of shares at fair value equal to the amounts due.
  These transactions are accounted for by the Company as a purchase and retirement of shares and are included in the table on the following page as common stock received in connection with share-based compensation.
 
 
The following table summarizes our share repurchase activity for the periods covered below:
 
 
   
Year Ended December 31,
  
   
201
7
    
201
6
   
201
5
 
Common stock repurchased on the open market or through tender offer
                        
Number of shares
    
—
      
308,416
      
1,062,456
  
Aggregate market value of shares (in thousands)
   $
—
     $
7,180
     $
23,616
  
Average price per share
   $
—
     $
23.28
     $
22.23
  
                         
Common stock received in connection with share-based compensation
                        
Number of shares
    
50,454
      
25,572
      
99,675
  
Aggregate market value of shares (in thousands)
   $
2,602
     $
634
     $
2,335
  
Average price per share
   $
51.58
     $
24.80
     $
23.42