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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2023
STOCKHOLDERS' EQUITY  
STOCKHOLDERS' EQUITY

(10)   STOCKHOLDERS’ EQUITYs

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 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 or an average price of $9.16 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. During 2023, the Company purchased 232,698 shares of its common stock for $3.3 million or an average price of $14.41 per share, which completed this program.

On May 10, 2023, the disinterested members of the Board of Directors and Audit Committee approved the purchase of 300,000 shares of the Company’s common stock from Thomas Sandgaard, Chairman, President, Chief Executive Officer and Principal Executive Officer, at the closing market price on May 10, 2023 of $9.61 per share for $2.9 million. See Note 17 - Related Parties for additional information.

On June 13, 2023, the disinterested members of the Board of Directors and Audit Committee approved the purchase of 300,000 shares of the Company’s common stock from Thomas Sandgaard, Chairman, President, Chief Executive Officer and Principal Executive Officer, at the closing market price on June 13, 2023, of $8.62 per share for $2.6 million. See Note 17 - Related Parties for additional information.

On June 13, 2023 the Company announced that its 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 13, 2024. From the inception of the plan through September 13, 2023, the Company purchased 1,242,892 shares of its common stock for $10.0 million or an average price of $8.05 per share, which completed this program.

On September 11, 2023, the Company announced that its 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 September 13, 2024. From the inception of the plan through October 19, 2023, the Company purchased 1,204,239 shares of its common stock for $10.0 million or an average price of $8.30 per share, which completed this program.

On November 1, 2023, the Company announced that its Board of Directors approved a program to repurchase up to $20.0 million of the Company’s common stock at prevailing market prices either in the open market or through privately negotiated transactions through October 31, 2024. From the inception of the plan through December 31, 2023, the Company purchased 1,012,200 shares of its common stock for $9.6 million or an average price of $9.47 per share.

Warrants

A summary of stock warrant activity for the years ended December 31, 2023 and 2022 are presented below:

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​

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​

​

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​

​

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​

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​

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Weighted

​

​

​

​

​

​

​

Weighted

​

Average

​

Aggregate

​

​

Number of

​

Average

​

Remaining

​

Intrinsic

​

​

Warrants

​

Exercise

​

Contractual

​

Value

​

    

(in thousands)

    

Price

    

Life (Years)

    

(in thousands)

Outstanding at December 31, 2021

 

99

​

$

2.39

​

​

2.76

 

$

660

Granted

 

—

​

$

—

​

 

​

 

​

​

Exercised

 

—

​

$

—

​

 

​

 

​

​

Forfeited

 

—

​

$

—

​

 

​

 

​

​

Outstanding and exercisable at December 31, 2022

 

99

​

$

2.39

​

 

1.76

​

$

1,140

Granted

 

—

​

$

—

​

 

​

​

​

​

Exercised

 

(15)

​

$

2.27

​

 

​

​

​

​

Forfeited(1)

 

(4)

​

$

2.27

​

 

​

​

 

​

Outstanding and exercisable at December 31, 2023

 

80

​

$

2.43

​

 

0.76

​

$

677

(1)Warrants were exercised under a net exercise provision in the warrant agreement. As a result, approximately 4,000 warrants were forfeited in lieu of cash payment for shares during 2023.