XML 41 R24.htm IDEA: XBRL DOCUMENT v3.24.1
Note 15 - Common Shares
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Equity [Text Block]

15. Common Shares

 

The Company’s authorized common share capital is 250 million shares of common stock without nominal or par value. On December 31, 2023, there were 10,903,405 shares of common stock outstanding ( December 31, 2022: 10,817,110).

  

Repurchase of common shares:

 

(a) Normal Course Issuer Bids:

 

2024 Stock Buyback Program

 

On February 22, 2024, 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 23, 2024 and is expected to terminate on February 22, 2025. 

 

2023 Stock Buyback Program 

 

On February 9, 2023, the Company announced that its Board of Directors (“Board”) had 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 terminated on February 9, 2024. The Company did not repurchase shares under this program.

 

2022 Stock Buyback Program

 
On February 10,  2022, the Company announced that its Board of Directors (“Board”) had 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 9, 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”) had 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 had 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. The Company did not repurchase shares under this program during the year ended December 31, 2021.

 

(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,

 
  

2023

  

2022

  

2021

 

Common stock received in connection with share-based compensation

            

Number of shares

  -   3,053   45,824 

Aggregate market value of shares (in thousands)

 $-  $197  $3,669 

Average price per share

 $-  $64.67  $80.07