XML 43 R13.htm IDEA: XBRL DOCUMENT v3.20.1
Note 7 - Common Stock, Treasury Stock and Warrants
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
7.
Common stock, treasury stock and warrants
 
Common stock
 
As of 
March 31, 2020
and
December 31, 2019
, the number of issued shares of common stock was 
79,809,417
and
78,642,078
, respectively, which included shares of treasury stock of 
3,601,804
and
2,768,399
, respectively.
 
For the
three
months ended
March 31, 2020
, the change in the number of issued shares of common stock was a result of an aggregate 
1,467,339
shares of common stock issued upon vesting of RSUs, including 
175,732
shares of common stock withheld to cover statutory taxes upon such vesting, which are reflected in treasury stock, discussed below. Additionally, as discussed and defined below, the holders of the Amended Whitehorse Warrants exercised the Put Right to require the Company to purchase from the warrant holders the
300,000
Warrant Shares for an aggregate of
$1,150
cash on hand.
 
Treasury stock
 
As of 
March 31, 2020
and
December 31, 2019
, the Company held shares of treasury stock of
3,601,804
 and
2,768,399
, with a cost of 
$9,900
and
$8,184
, respectively.
 
The Company's share-based incentive plans allow employees the option to either make cash payment or forfeit shares of common stock upon vesting to satisfy federal and state statutory tax withholding obligations associated with equity awards. The forfeited shares of common stock
may
be taken into treasury stock by the Company or sold on the open market. For the
three
months ended
March 31, 2020
,
175,732
 shares of common stock were withheld to cover statutory taxes owed by certain employees for this purpose, all of which were taken into treasury stock. See Note
8
,
Share-based compensation.
During the
three
months ended
March 31, 2020
, the Company repurchased
657,673
of its own shares as part of a stock repurchase program authorized by the Company's Board of Directors on
November 19, 2019.
 
Warrants
 
As of 
March 31, 2020
and
December 31, 2019
, warrants to purchase an aggregate of 
2,398,776
shares of common stock were outstanding, respectively, with exercise prices ranging from 
$3.75
to 
$6.00
per share.
 
On
July 9, 2018
the Company entered into First Amendments (the "First Amendments") to the Amendments to Warrants and Agreements to Exercise ("Amended Whitehorse Warrants") with (i) H.I.G. Whitehorse SMA ABF, L.P. regarding 
46,667
 warrants to purchase common stock of the Company, par value 
$0.0005
 per share, at an exercise price of 
$3.00
 per share; (ii) H.I.G. Whitehorse SMA Holdings I, LLC regarding 
66,666
 warrants to purchase common stock of the Company at an exercise price of 
$3.00
 per share; and (iii) Whitehorse Finance, Inc. regarding 
186,667
 warrants to purchase common stock of the Company at an exercise price of
$3.00
per share. In
November 2017,
the Amended Whitehorse Warrants were exercised and the Company issued an aggregate of
300,000
shares of common stock of the Company (the "Warrant Shares") to the warrant holders. Pursuant to the First Amendments, the warrant holders had the right, but
not
the obligation, to require the Company to purchase from these warrant holders the
300,000
Warrant Shares at
$3.8334
per share (the "Put Right"), which could be exercised during the period commencing
January 1, 2019
and ending
December 15, 2019. 
On
December 6, 2019,
the Company entered into the Second Amendments to the Amended Whitehorse Warrants, pursuant to which the expiration of the Put Right was extended from
December 15, 2019
to
January 31, 2020.
On
January 31, 2020,
the holders of the Amended Whitehorse Warrants exercised the Put Right to require the Company to purchase from the warrant holders the
300,000
Warrant Shares for an aggregate of
$1,150.
The Company funded such purchase with cash on hand.