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Equity
 6 Months Ended
Jun. 30, 2023
Equity  
Equity

Note 4: Equity

 

Dividends

 

The Company did not pay any dividends during the three and six-month periods ended June 30, 2023 and 2022.

 

Preferred stock and common stock

 

There were no issuances of preferred stock or common stock during the three and six-month periods ended June 30, 2023 and 2022, other than stock awarded to employees and the Board of Directors.

 

Stock repurchase and retirement

 

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 $5,000,000 of its common shares. As of August 31, 2022, the Company completed the repurchase program by purchasing a total of 207,964 shares as shown in the table below ($ 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

 

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

 

 

 

—

 

No shares repurchased between September 2022 and June 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

207,964

 

 

$24.04

 

 

 

207,964

 

 

$—

 

2014 Equity Incentive Plan

 

On May 23, 2014, the shareholders of the Company approved the 2014 Equity Incentive Plan, as amended (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 June 30, 2023, there are 45,995 shares which remain to be granted under the 2014 Plan, which were assumed by the 2023 Plan described below.

 

On June 7, 2023, the shareholders of the Company approved the 2023 Equity Incentive Plan (the “2023 Plan”).  Under the terms of the 2023 Plan, the Company is authorized to issue incentive awards for common stock up to 300,000 shares to employees and other personnel. The awards may be in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units and performance awards. The 2023 Plan is effective through April 1, 2033. As of June 30, 2023, there are 331,663 shares which remain to be granted under the 2023 Plan, including 45,995 shares assumed under the 2014 Plan described above.

 

The following table summarizes information about stock options outstanding and exercisable at June 30, 2023:

 

 

 

 

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

 

 

 

1.67

 

 

$7.12

 

 

 

7,500

 

$ 

8.01 - 11.00

 

 

3,000

 

 

 

4.50

 

 

$10.25

 

 

 

3,000

 

$ 

11.01 - 16.00

 

 

18,000

 

 

 

5.04

 

 

$13.12

 

 

 

18,000

 

$ 

16.01 - 27.00

 

 

68,000

 

 

 

8.56

 

 

$25.42

 

 

 

15,500

 

$ 

27.01 - 27.71

 

 

12,750

 

 

 

8.55

 

 

$27.71

 

 

 

—

 

 

Total

 

 

109,250

 

 

 

7.39

 

 

$21.99

 

 

 

44,000

 

 

As of June 30, 2023, the Company had unrecognized stock compensation related to the options of $682,000, which will be recognized through 2027.

 

During the three and six-months ended June 30, 2023, the Company granted 14,332 and 74,832, respectively, of restricted stock units to employees, which vest at various intervals over the next 3 years.  The average grant date fair value of these grants was $18.70 and $26.08 per share during the three and six-month periods ended June 30, 2023, respectively. During the three and six-months ended June 30, 2022, the Company granted 12,440 and 32,440 restricted stock units, with a grant date fair value of $26.92 and $26.35 per share, respectively. During the three and six-month periods ended June 30, 2023, 18,129 restricted stock units with an average intrinsic value of $25.85 per share, vested. As of June 30, 2023, there was $2,117,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2026.