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Stock Buyback Plan
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Stock Buyback Plan

Note 11 – Stock Buyback Plan

 

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 (all share and dollar amounts have been adjusted to reflect the 1-for-4 reverse split that occurred in December 2020):

 

(in thousands, except per share cost)   Number of Shares     Cost of Shares     Average Cost
per Share		  
Balance, January 1, 2019     126     $ 1,110     $ 8.81  
Shares purchased during 2019     80       555       6.94  
Balance, December 31, 2019     206       1,665       8.08  
Shares purchased during 2020     132       1,037       7.86  
Balance, December 31, 2020     338     $ 2,702     $ 7.99  

 

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.