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8. Stockholders' Equity
 12 Months Ended
Dec. 31, 2020
Stockholders' equity  
Stockholders' Equity

Dividend

 

On September 15, 2020 we declared and paid a $0.05 per common share dividend to shareholders of record as of the close of business on September 1, 2020 which amounted to an aggregate cash payment of approximately $678,000. Then, on December 15, 2020 we declared and paid a $0.05 per common share dividend to shareholders of record as of the close of business on December 1, 2020 which amounted to an aggregate cash payment of approximately $680,000. We intend to continue to pay this dividend on a quarterly basis, based on our business results and financial position.

 

Treasury Stock

Effective July 2020, our Board of Directors authorized a one-year repurchase plan for up to 1 million shares of our common stock at a cost not to exceed $100,000 per month. During the year ended December 31, 2020, we purchased 23,638 shares of our common stock at an aggregate cost of approximately $146,000 resulting in an average price of $6.20 per share. These shares are held in treasury. The table below summarized our common stock purchased during 2020 in more detail:

 

    Total shares purchased     Average price per share     Total number of shares purchased as part of publicly announced plan     Approximate dollar value of shares that may be purchased under the plan  
July, 2020     675     $ 6.21       675     $ 1,200,000  
August, 2020     22,963       6.20       23,638       1,000,000  
Total     23,638                          

 

Additionally, there were 9,454 restricted shares that did not meet the vesting criteria. These shares are also held in treasury.

 

Issuance of Common Stock

In October 2019, we issued 8,750 shares of stock pursuant to the exercise of 8,750 common stock options with a strike price of $5.50 for a total purchase price of $48,125. In December 2019, we issued 22,917 shares of stock pursuant to the exercise of 22,917 common stock options with weighted average strike price of $4.96 for a total purchase price of $113,752. 

 

Tender Offer

In June 2019, we commenced an issuer tender offer to purchase up to 1,500,000 shares of our common stock at a fixed price of $6.00 per share. This tender offer expired on July 25, 2019, and we accepted for purchase approximately 1.4 million shares for an aggregate cost of approximately $8.4 million, excluding fees and expenses.