Annual report pursuant to Section 13 and 15(d)

Note 16 - Shareholders' Equity

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Note 16 - Shareholders' Equity
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Equity [Text Block]

16. SHAREHOLDERS’ EQUITY

 

Dividend Policy

 

In the first quarter of 2023, the Company announced that the Company's board of directors increased the cash dividend to $0.0625 per common share. The following table is a schedule of dividends paid during 2023:

 

Dividend Payment Date

  

Amount per common share

  

Record Date

March 31, 2023

   $ 0.0625  

March 24, 2023

June 23, 2023

   $ 0.0625  

May 24, 2023

September 22, 2023

   $ 0.0625  

August 25, 2023

December 21, 2023

   $ 0.0625  

November 24, 2023

Aggregate per share amount paid in 2023

   $ 0.2500    

 

 

Preferred stock – Authorized preferred stock consists of 500,000 shares with a par value of $25 per share. No shares of preferred stock were issued and outstanding as of December 31, 2023 or 2022.

 

Treasury stock

 

On November 1, 2022, the Company announced that the Company’s board of directors formally ratified and approved a share buyback program. The board of directors also directed management to implement a Rule 10b5-1 trading plan (the “10b5-1 Plan”) to facilitate share purchases through open market purchases, privately negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. The 10b5-1 Plan provides for an aggregate purchase of currently outstanding common stock up to $30 million over a maximum period of 20 months. Payment for shares repurchased under the share buyback program will be funded using the Company's cash on hand and cash flow from operations. 

 

The below table shows the repurchases of equity securities related to the share repurchase program during the fiscal year ended December 31, 2023:

 

Period

  

Total Number of Shares Purchased

    

Average Price Paid per Share

    

Total Number of Shares Purchased as Part of Publicly Announced Programs

    

Maximum Amount that May Yet Be Used to Purchase Shares Under the Program

  

January 1, 2023 - January 31, 2023

     350,832     $ 4.29       350,832     $ 25,502,669  

February 1, 2023 - February 28, 2023

     326,992     $ 4.61       326,992     $ 24,003,172  

March 1, 2023 - March 31, 2023

     303,176     $ 4.97       303,176     $ 22,503,206  

April 1, 2023 - April 30, 2023

     303,969     $ 4.94       303,969     $ 21,003,245  

May 1, 2023 - May 31, 2023

     362,843     $ 4.14       362,843     $ 19,502,740  

June 1, 2023 - June 30, 2023

     494,164     $ 4.05       494,164     $ 17,504,007  

July 1, 2023 - July 31, 2023

     505,720     $ 3.96       505,720     $ 15,504,180  

August 1, 2023 - August 31, 2023

     435,342     $ 4.61       435,342     $ 13,505,242  

September 1, 2023 - September 30, 2023

     462,300     $ 4.31       462,300     $ 11,514,870  

October 1, 2023 - October 31, 2023

     491,869     $ 4.07       491,869     $ 9,515,101  

November 1, 2023 - November 30, 2023

     472,141     $ 4.24       472,141     $ 7,515,171  

December 1, 2023 - December 31, 2023

     449,839     $ 4.45       449,839     $ 5,515,237  

Total

   4,959,187           4,959,187