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STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2020

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

(6)   STOCKHOLDERS’ EQUITY

Equity Offering

On July 17, 2020, the Company completed an underwritten public offering of an aggregate 2.5 million shares of common stock at a public offering price of $22.00 per common share. In the offering, 1.25 million shares of common stock were sold by the Company and 1.25 million shares of common stock were sold by Sandgaard Holdings, LLC, which is 100% controlled by Thomas Sandgaard, CEO and Chairman of the Board of Directors. Net proceeds to the Company, after deducting for direct costs associated with the offering, were $25.2 million.

Common Stock Dividend

The Company’s Board of Directors declared a cash dividend of $0.07 per share on November 6, 2018. The dividend of $2.3 million was paid on January 18, 2019 to stockholders of record as of January 2, 2019. 

Any determination to declare a future quarterly dividend, as well as the amount of any cash dividend which may be declared, will be based on our financial position, earnings, earnings outlook and other relevant factors at that time.

Treasury Stock

From December 6, 2017 through March 6, 2018, we had the ability through our stock purchase program to re-purchase our common stock at prevailing market prices either in the open market or through privately negotiated transactions up to $2.0 million. On March 6, 2018, we reached the limit of $2.0 million and share re-purchases were ceased. From the inception of the plan through March 6, 2018, we purchased 495,091 shares of our common stock for $2.0 million or an average price of $4.04 per share.

From May 14, 2018 through May 13, 2019, we had the ability through our stock repurchase program to re-purchase our common stock at prevailing market rates either in the open market or through privately negotiated transactions up to $2.0 million. From the inception of the plan through May 13, 2019, the Company purchased 576,129 shares of our common stock for $1.8 million or an average price of $3.20 per share. As of December 31, 2020 the Company had no outstanding stock repurchase programs.

Warrants

A summary of stock warrant activity for the years ended December 31, 2020 and 2019 are presented below:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	Weighted		​	​	​
​	​	​	​	Weighted		​	Average		​	Aggregate
​	​	Number of	​	Average		​	Remaining		​	Intrinsic
​	​	Warrants	​	Exercise		​	Contractual		​	Value
​		(in thousands)		Price			Life (Years)			(in thousands)
Outstanding at December 31, 2018		150	​	$	2.42	​	​	5.77		$	79
Granted		—	​	$	—	​		​		​	​
Exercised		(40)	​	$	2.00	​		​		​	​
Forfeited(1)		(10)	​	$	2.00	​		​		​	​
Outstanding and Exercisable at December 31, 2019		100	​	$	2.63	​		4.77	​	$	525
​	​	​	​	​	​	​	​	​	​	​	​
Outstanding at December 31, 2019		100	​	$	2.63	​		4.77	​	$	525
Granted		—	​	$	—	​		​	​	​	​
Exercised		—	​	$	—	​		​	​		​
Forfeited		—	​	$	—	​		​	​		​
Outstanding and Exercisable at December 31, 2020		100	​	$	2.63	​		3.76	​	$	1,084

​

(1) Warrants were exercised under a net exercise provision in the warrant agreement. As a result, approximately 10,000 warrants were forfeited in lieu of cash payment for shares.

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- References

No definition available.

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- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

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