Annual report pursuant to Section 13 and 15(d)

Common Stock Repurchase Plan

v3.19.1
Common Stock Repurchase Plan
12 Months Ended
Dec. 31, 2018
Common Stock Repurchase Plan [Abstract]  
Common Stock Repurchase Plan
Common Stock Repurchase Plan
The Company has had a stock repurchase plan since September 17, 2002, when the Board of Directors approval was announced. As last amended by the Board of Directors on September 13, 2018, this plan permits the purchase of up to 3,500,000 shares. There is currently available for purchase through September 30, 2019, a maximum of 293,829 shares. The Company may repurchase its shares either in the open market or through private transactions. The volume of the shares to be repurchased is contingent upon market conditions and other factors. During the year ended December 31, 2018, 861,111 shares were purchased at a cost of $1,970,632 (average cost of $2.29 per share), no shares were repurchased during the year ended December 31, 2017. As of December 31, 2018, the total number of shares repurchased under the Repurchase Plan was 3,206,171 at a cost of $3,260,098 (average cost of $1.02 per share). The Company currently holds the repurchased stock as Treasury Stock, reported at cost. Prior to September 17, 2002, the Company had 17,358 shares of Treasury Stock that it had purchased at a cost of $18,720.
Subsequently, on March 7, 2019, the Company’s Board of Directors extended the Company’s Common Stock Repurchase plan from September 30, 2019 until September 30, 2020 and increased the number of shares available for purchase under the plan. The plan previously authorized the repurchase of up to 3,500,000 shares, of which 3,273,880 have been repurchased as of March 7, 2019. The revised plan will permit an additional 2,500,000 shares to be repurchased, increasing the amount available for repurchase to 2,726,120 shares as of March 7, 2019.