Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS??? EQUITY

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SHAREHOLDERS’ EQUITY
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
SHAREHOLDERS’ EQUITY

NOTE 10 – SHAREHOLDERS’ EQUITY

 

On May 24, 2021, the Board of Directors authorized a stock repurchase program to purchase up to $5.0 million of the currently outstanding shares of the Company’s common stock, over a period of 12 months through open market purchases, in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. On January 18, 2022, the Board of Directors authorized a $2.0 million increase to the stock repurchase program, to a total of $7.0 million. On February 2, 2022, the Board of Directors authorized an additional $1.5 million increase to the stock repurchase, to a total of $8.5 million. On September 12, 2022, the Board of Directors authorized an additional $2 million increase to the stock repurchase, to a total of $10.5 million.

 

During the nine months ended September 30, 2022, the Company repurchased 482,211 shares of common stock at an average price per share of $8.20, for a total price of $4.0 million under this program. During the three months ended September 30, 2022, the Company repurchased 63,123 shares of common stock at an average price per share of $2.90, for a total price of $0.2 million. During the nine months ended September 30, 2021, the company repurchased 421,024 shares of common stock at an average price per share of $9.33, for a total price of $4.0 million. During the three months ended September 30, 2021, the Company repurchased 368,129 shares of common stock at an average price per share of $9.31, for a total of $3.4 million. In total, the Company has repurchased 987,126 shares of common stock at an average of $8.78 per share, for a total price of $8.7 million, under this program.

 

In February 2021, the Company repurchased 350,000 shares of common stock with an average price per share of $8.50, for a total of $3.0 million, outside of any stock repurchase or publicly announced program.