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Note 14 - Common Shares
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Equity [Text Block]

14. Common Shares

 

The Company’s authorized common share capital is 250 million shares of common stock without nominal or par value. On December 31, 2022, there were 10,817,110 shares of common stock outstanding ( December 31, 2021: 10,747,417).

  

Repurchase of common shares:

 

(a) Normal Course Issuer Bids:

 

2023 Stock Buyback Program 

 

On February 9, 2023, the Company announced that its Board of Directors (“Board”) has approved a stock buyback program to repurchase up to $40 million of its common stock in the open market. The $40 million buyback program commenced on February 10, 2023 and is expected to terminated on February 9, 2024. Please see "Note 21 (a) - Subsequent Events" for more information on the 2023 stock buyback program. 

 

2022 Stock Buyback Program

 
On February 10,  2022, the Company announced that its Board of Directors (“Board”) have approved a stock buyback program to repurchase up to $40 million of its common stock in the open market. The $40 million buyback program commenced on February 11, 2022 and terminated on February 10, 2023. The Company did not repurchase shares under this program.
 

2021 Stock Buyback Program

 

On February 9, 2021, the Company announced that its Board of Directors (“Board”) approved a stock buyback program to repurchase up to $40 million of its common stock in the open market. The $40 million buyback program commenced on February 10, 2021 and terminated on February 9, 2022. The Company did not repurchase shares under this program.

 

2020 Stock Buyback Program

 

On February 12, 2020, the Company announced that its Board has approved a stock buyback program to repurchase up to $40 million of its common stock in the open market. The $40 million buyback program commenced on February 13, 2020 and terminated on February 9, 2021. During year ended December 31, 2020, the Company repurchased 70,238 shares under this program for total consideration of $3.3 million.

 

2019 Stock Buyback Program

 

On February 13, 2019, the Company announced that its Board has approved a stock buyback program to repurchase up to $40 million of its common stock in the open market. The $40 million buyback program commenced on February 14, 2019 and terminated on February 12, 2020. During the year ended December 31, 2019, the Company repurchased 101,816 shares under this program, for a total of $5.0 million. During the year ended December 31, 2020 no repurchases were made under this program.

 

(b) 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 (Dollar amounts in thousands of US dollars, except for share data):   

 

  

Year Ended December 31,

 
  

2022

  

2021

  

2020

 

Common stock repurchased on the open market or through tender offer

            

Number of shares

  -   -   70,238 

Aggregate market value of shares (in thousands)

 $-  $-  $3,281 

Average price per share

 $-  $-  $46.70 
             

Common stock received in connection with share-based compensation

            

Number of shares

  3,053   45,824   48,013 

Aggregate market value of shares (in thousands)

 $197  $3,669  $2,957 

Average price per share

 $64.67  $80.07  $61.58