Note 4 - Stockholders' Equity |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2015 | |||
| Notes to Financial Statements | |||
| Stockholders' Equity Note Disclosure [Text Block] |
Dividends On February 27, 2015, the Board of Directors declared a cash dividend of $0.02 on each share of common stock outstanding, payable on March 27, 2015 to stockholders of record on March 17, 2015. On May 4, 2015, the Board of Directors declared a cash dividend of $0.03 on each share of common stock outstanding, payable on May 29, 2015 to stockholders of record on May 19, 2015. Treasury Stock On January 22, 2015, the Company entered into a Stock Repurchase Agreement with George K. Broady, a director of the Company and owner of more than 5% of its outstanding common stock. The agreement provided for the Company’s purchase from Mr. Broady in off-the-market, private transactions of a total of 91,817 shares of the Company’s common stock, which would be purchased at the rate of 5,000 shares each trading day following the date of the agreement until all of such shares were purchased (see Note 6). The shares would be purchased at a per share price equal to the closing price per share of the Company’s common stock on the preceding trading day, as reported on the primary market in which the Company’s common stock is publicly traded. The Company’s purchases concluded on February 19, 2015, and resulted in an aggregate purchase price of $1.1 million. On May 4, 2015, the Board of Directors approved a stock repurchase program of up to $5.0 million of the Company’s outstanding shares of common stock. In connection therewith, the Company was advised by Mr. Broady that he would participate in the stock repurchase program on a basis roughly proportional to his ownership interest (see Note 6). As such, the Company authorized its broker to proceed with the purchase of shares of the Company’s common stock in the open market for a total purchase price of $3.5 million in accordance with Rules 10b5-1 and 10b-18 under the Exchange Act. The open market repurchases were completed on May 12, 2015. The stock repurchase program, which included both open market purchases and the purchase of shares from Mr. Broady, resulted in the Company purchasing a total of 186,519 shares of its common stock for an aggregate purchase price of $5.0 million, plus transaction costs. Common Stock Purchase Warrants In April 2015, warrants to purchase 88,097 shares of common stock were exercised at $3.5043 per share for total proceeds of $309,000. |