Annual report pursuant to Section 13 and 15(d)

Treasury Stock

v3.19.3.a.u2
Treasury Stock
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Treasury Stock

(7)

Treasury Stock

In August 2017 the Company’s Board of Directors (Board) approved a share repurchase program (2017 Program) pursuant to which the Company may purchase up to $7.0 million of shares of its common stock over the 12-month period following the establishment of the program. The repurchases under the 2017 Program are made from time to time in the open market or in privately negotiated transactions and are funded from the Company’s working capital. Repurchases will be made in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended, subject to market conditions, available liquidity, cash flow, applicable legal requirements, and other factors. All shares of common stock repurchased under the Company’s share repurchase program will be returned to the status of authorized but unissued shares of common stock. On August 7, 2018, the Board approved an extension to the existing share repurchase program for an additional 12-month period ending August 14, 2019.

On September 9, 2019, the Board approved a new share repurchase program pursuant to which the Company may purchase up to $7.0 million of shares of its common stock over the following 12 months. This newly adopted share repurchase program mirrors all aspects and terms of the 2017 Program as described above.

In the year ended December 31, 2018, the Company repurchased an aggregate of 222,000 shares of common stock under the repurchase program at a weighted average price per share of $9.92, for a total cost of $2.2 million. In the year ended December 31, 2019, the Company repurchased 108,000 shares of common stock under the repurchase programs. These shares were repurchased at a weighted average price per share of $11.41for a total cost of $1.2 million.

As of December 31, 2019, the Company has repurchased an aggregate of 465,000 shares of common stock under the share repurchase programs at a weighted average price per share of $10.02, for a total cost of $4.7 million.