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Stock Buyback Plan
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Stock Buyback Plan

Note 11 – Stock Buyback Plan

 

On January 7, 2008, we announced our intention to buy back up to one million shares of our common stock from the open market at the quoted market price on the date of repurchase. On September 30, 2019, our Board of Directors approved a new plan to buyback up to ten million additional shares of our common stock from the open market (“Stock Buyback Plan”). Activity under the Stock Buyback Plan by year is as follows:

 

    Number of
Shares		     Cost of
Shares		     Average
Cost per
Share		  
Balance, January 1, 2018     319,789     $ 724,530     $ 2.27  
Shares purchased during 2018     185,070       384,531       2.08  
Balance, December 31, 2018     504,859       1,109,061       2.20  
Shares purchased during 2019     319,863       555,429       1.74  
Balance, December 31, 2019     824,722     $ 1,664,490     $ 2.02  

 

The repurchased shares are recorded as part of treasury stock and are accounted for under the cost method.

 

Our Stock Buyback Plan has been and will be used to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards. In the future, we may consider additional share repurchases under our plan based on several factors, including our cash position, share price, operational liquidity, and planned investment and financing needs.