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Stock Buyback Plan
 12 Months Ended
Dec. 31, 2024
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 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, 2023   727   $7,263   $10.00 
Shares purchased during 2023   287    3,956    13.78 
Balance, December 31, 2023   1,014   $11,219   $11.06 
Shares purchased during 2024   192    2,243    11.63 
Balance, December 31, 2024   1,206   $13,462   $11.16 

 

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.

 

Private purchase of Common Shares

 

During March 2024, the Company purchased 80,201 shares of its common stock from one shareholder for approximately $1.0 million. The purchase was limited to this single shareholder who approached the company; it was privately negotiated and involved no solicitation or advertising. No fees were paid in connection with the transaction, as it was a non-brokered placement. The shares were immediately retired upon purchase.