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Equity
 9 Months Ended
Sep. 30, 2022
Equity  
Equity

Note 3: Equity

 

2014 Equity Incentive Plan

 

On May 23, 2014, the shareholders of the Company approved the 2014 Equity Incentive Plan (the “2014 Plan”). Under the terms of the 2014 Plan, the Company is authorized to issue incentive awards for common stock up to 200,000 shares to employees and other personnel. On June 10, 2016 and June 17, 2020, the shareholders of the Company approved an additional 200,000 and 200,000 awards, respectively, to be issued under the 2014 Plan, bringing the total number of shares to be awarded to 600,000. The awards may be in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units and performance awards. The 2014 Plan is effective through March 31, 2024. As of September 30, 2022, there are 140,995 shares which remain eligible to be granted under the 2014 Plan.

 

The following table summarizes information about stock options outstanding and exercisable at September 30, 2022:

 

 

 

 

 

Options Outstanding

 

 

Options Exercisable

 

 

Exercise Price Range

 

 

Number

 

 

Weighted Average

Remaining Contractual

Life (in Years)

 

 

Weighted Average

Exercise Price

 

 

Number

 

 

$

0.01 - 8.00

 

 

 

7,500

 

 

 

 2.42

 

 

$

7.12

 

 

 

7,500

 

 

 

8.01 - 11.00

 

 

 

3,500

 

 

 

 4.82

 

 

 

10.11

 

 

 

3,500

 

 

 

11.01 - 16.00

 

 

 

18,000

 

 

 

 5.78

 

 

 

13.12

 

 

 

18,000

 

 

 

16.01 - 27.00

 

 

 

38,000

 

 

 

 8.55

 

 

 

24.19

 

 

 

8,000

 

 

$

27.01 - 27.71

 

 

 

20,250

 

 

 

 9.30

 

 

 

27.71

 

 

 

1,500

 

 

 

Total

 

 

 

87,250

 

 

 

 7.48

 

 

$

20.69

 

 

 

38,500

 

 

As of September 30, 2022, the Company had unrecognized stock compensation related to the options of $489,000, which will be recognized through 2026.

 

During the nine months ended September 30, 2022, the Company granted 32,240 restricted stock units. No restricted stock units were granted during the three months ended September 20, 2022. An executive officer was granted 20,000 shares which do not vest until the third anniversary of the grant date and have a grant date fair value of $26.00 per share. Non-employee directors were granted 12,240 shares with a grant date fair value of $26.92 and vest at the earlier of the 2023 annual meeting of the shareholders or one year. During the nine months ended September 30, 2022, 15,265 restricted stock units with an intrinsic value of $26.05 per share vested.  No restricted stock units vested during the three months ended September 30, 2022. As of September 30, 2022, there was $666,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2025.

 

Stock repurchase and retirement

 

On August 7, 2019, the Company publicly announced a share repurchase program under which the Company was authorized to repurchase up to $1,000,000 of its common shares. On March 16, 2020, the Company publicly announced that the Company increased the share repurchase program to repurchase up to $2,000,000 of its common shares. As of March 31, 2021, the Company completed the repurchase program by purchasing 179,845 shares as shown in the table below ($ in 000’s, except share or per share amounts):

 

 

 

Shares Repurchased

 

Period

 

Total Number of Shares Repurchased

 

 

Average Price Paid Per Share

 

 

Total Number of Shares Purchased as Part of Publicly Announced Program

 

 

Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program

 

August 7-31, 2019

 

 

22,150

 

 

$9.34

 

 

 

22,150

 

 

$793

 

September 1-30, 2019

 

 

2,830

 

 

10.00

 

 

 

2,830

 

 

765

 

October 1-31, 2019

 

 

39,363

 

 

10.44

 

 

 

39,363

 

 

354

 

November 1-30, 2019

 

 

11,827

 

 

10.43

 

 

 

11,827

 

 

231

 

December 1-31, 2019

 

 

—

 

 

 

—

 

 

 

—

 

 

231

 

January 1-31, 2020

 

 

—

 

 

 

—

 

 

 

—

 

 

231

 

February 1-29, 2020

 

 

—

 

 

 

—

 

 

 

—

 

 

231

 

March 1-31, 2020

 

 

21,700

 

 

9.33

 

 

 

21,700

 

 

1,028

 

April 1-30, 2020

 

 

22,698

 

 

9.02

 

 

 

22,698

 

 

823

 

May 1-31, 2020

 

 

39,500

 

 

9.51

 

 

 

39,500

 

 

448

 

No shares repurchased between June 2020 and February 2021

March 1-31, 2021

 

 

19,777

 

 

22.89

 

 

 

19,777

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

179,845

 

 

$11.15

 

 

 

179,845

 

 

$—

 

On March 1, 2022, the Company’s board of directors authorized a stock repurchase program under which the Company was authorized to repurchase up to $5,000,000 of its common shares. The Company completed the repurchase program by purchasing 38,563 and 207,964 shares during the three and nine-month periods ended September 30, 2022, respectively, as shown in the table below ($ in 000’s, except share or per share amounts):

 

 

 

Shares Repurchased

 

Period

 

Total Number of Shares Repurchased

 

 

Average Price Paid Per Share

 

 

Total Number of Shares Purchased as Part of Publicly Announced Program

 

 

Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program

 

March 1-31, 2022

 

 

6,200

 

 

$29.35

 

 

 

6,200

 

 

$4,818

 

April 1-30, 2022

 

 

8,226

 

 

 

27.76

 

 

 

8,226

 

 

 

4,590

 

May 1-31, 2022

 

 

80,748

 

 

 

22.92

 

 

 

80,748

 

 

 

2,739

 

June 1-30, 2022

 

 

74,227

 

 

 

23.98

 

 

 

74,227

 

 

 

959

 

July 1-31, 2022

 

 

32,392

 

 

 

24.88

 

 

 

32,392

 

 

 

153

 

August 1-31, 2022

 

 

6,171

 

 

 

24.79

 

 

 

6,171

 

 

 

—

 

September 1-30, 2022

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

207,964

 

 

$24.04

 

 

 

207,964

 

 

$—