XML 22 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 3 - Share Repurchase Program
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
Note
3
– Share Repurchase Program
 
On
April
28,
2014,
the Company’s Board of Directors approved a share repurchase program (the “Share Repurchase Program”) which became effective on
May
1,
2014
and under which the Company was authorized to repurchase up to
1.8
million shares of its outstanding common stock over a period not to exceed
twelve
months. The Share Repurchase Program was extended through
June
2,
2016,
and the maximum number of shares authorized to be repurchased under the program was increased to
3.4
million shares.
 
Share repurchases under this program were made in accordance with SEC Rule
10b
-
18
using a variety of methods, which included open market purchases and block trades in compliance with applicable insider trading and other securities laws and regulations. With the exception of repurchases made during stock trading black-out periods under
10b5
-
1
Plans, the timing, manner, price and amount of any repurchases were determined at the Company’s discretion. The Share Repurchase Program expired on
June
2,
2016
and did not obligate the Company to repurchase any specific number of shares.
 
In
2016,
we repurchased a total of
156,092
shares of our common stock for an aggregate consideration of
$630,
of which
149,904
shares were repurchased under the Share Repurchase Program for an aggregate amount (excluding fees and commissions) of
$603.
In
2015,
we repurchased a total of
2,258,929
shares of our common stock for an aggregate consideration of
$9,388,
of which
2,225,437
shares were repurchased under the Share Repurchase Program for an aggregate amount (excluding fees and commissions) of
$9,162.
 
From the inception of the Share Repurchase Program on
May
1,
2014
through its expiration on
June
2,
2016,
the Company repurchased
2,592,095
shares for an aggregate cost (excluding fees and commissions) of
$10,480.