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Stock Buyback Plan
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Stock Buyback Plan

Note 10 – Stock Buyback Plan

 

On September 30, 2019, our Board of Directors approved a new plan to buyback up to 2.5 million additional shares of our common stock from the open market (“Stock Buyback Plan”).

 

(in thousands, except per share cost)  Number of Shares   Cost of Shares   Average Cost per Share 
Balance, January 1, 2021   338   $2,702   $7.99 
Shares purchased during 2021   81    1,105    13.64 
Balance, December 31, 2021   419    3,807    9.09 
Shares purchased during 2022   308    3,456    11.23 
Balance, December 31, 2022   727   $7,263   $10.00 

 

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.

 

 

Where Food Comes From, Inc.

Notes to the Consolidated Financial Statements