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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2022
STOCKHOLDERS' EQUITY  
STOCKHOLDERS' EQUITY

(9)   STOCKHOLDERS’ EQUITY

Common Stock Dividend

The Company’s Board of Directors declared a cash dividend of $0.10 per share and a stock dividend of 10% per share on November 9, 2021. The cash dividend of $3.6 million was paid out on January 21, 2022 to stockholders of record as of January 6, 2022. The 10% stock dividend declaration resulted in the issuance of an additional 3.6 million shares on January 21, 2022 to stockholders of record as of January 6, 2022.

Treasury Stock

On March 8, 2021, our Board of Directors approved a program to repurchase up to $10.0 million of our common stock at prevailing market prices either in the open market or through privately negotiated transactions through September 8, 2021. From the inception of the plan through September 8, 2021, the Company purchased 175,179 shares of our common stock for $2.7 million or an average price of $15.22 per share.

On April 11, 2022, the Company’s Board of Directors approved a program to repurchase up to $10.0 million of its common stock at prevailing market prices either in the open market or through privately negotiated transactions through April 11, 2023. From the inception of the plan through May 31, 2022 the Company purchased 1,419,874 shares of its common stock for $10.0 million or an average price of $7.04 per share which completed this program.

On June 9, 2022, the Company’s Board of Directors approved a program to repurchase up to $10.0 million of the Company’s common stock at prevailing market prices either in the open market or through privately negotiated transactions through June 9, 2023. From the inception of the plan through October 4, 2022, the Company purchased 1,091,604 shares of its common stock for $10.0 million for an average price of $9.06 per share which completed this program.

On October 31, 2022, the Company’s Board of Directors approved a program to repurchase up to $10.0 million of the Company’s common stock at prevailing market prices either in the open market or through privately negotiated transactions through October 31, 2023. From the inception of the plan through December 31, 2022, the Company purchased 495,138 shares of its common stock for $6.6 million or an average price of $13.43 per share. Subsequent to December 31, 2022, the Company purchased 232,698 shares of its common stock for an average price of $14.41 per share which completed this program.

Warrants

A summary of stock warrant activity for the years ended December 31, 2022 and 2021 are presented below:

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Weighted

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Weighted

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Average

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Aggregate

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Number of

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Average

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Remaining

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Intrinsic

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Warrants

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Exercise

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Contractual

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Value

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(in thousands)

    

Price

    

Life (Years)

    

(in thousands)

Outstanding at December 31, 2020

 

110

​

$

2.39

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​

3.76

 

$

1,084

Granted

 

—

​

$

—

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​

 

​

​

Exercised

 

(10)

​

$

2.27

​

 

2.76

 

​

192

Forfeited(1)

 

(1)

​

$

2.27

​

 

2.76

 

​

25

Outstanding and exercisable at December 31, 2021

 

99

​

$

2.39

​

 

2.76

​

$

660

Granted

 

—

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$

—

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​

​

​

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Exercised

 

—

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$

—

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—

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​

—

Forfeited

 

—

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$

—

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—

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—

Outstanding and exercisable at December 31, 2022

 

99

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$

2.39

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1.76

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$

1,140

(1)Warrants were exercised under a net exercise provision in the warrant agreement. As a result, approximately 1,000 warrants were forfeited in lieu of cash payment for shares during 2021.