Quarterly report pursuant to Section 13 or 15(d)

Stock Repurchase Program

v2.4.1.9
Stock Repurchase Program
3 Months Ended
Dec. 31, 2014
Stock Repurchase Program [Abstract]  
Stock Repurchase Program

NOTE 6 - Stock Repurchase Program

 

The Company’s Stock Repurchase Program was announced on January 17, 2007.  At initiation, the program’s terms specified that up to 1,000,000 shares of its common stock could be purchased during the subsequent twelve months. Subsequently, the Board has amended the program a number of times to both extend its term and increase the maximum number of shares which could be repurchased.  Currently, the program allows for a maximum repurchase of up to 3,000,000 shares through the period ending December 31, 2015.  From the program’s onset through December 31, 2014, the total number of shares repurchased by the Company is 2,183,454.  The total number of shares that may yet be purchased under the program is 816,546. The Stock Repurchase Program authorizes purchases in privately negotiated transactions as well as in the open market.  In October 2008, the Company's Board of Directors authorized repurchases in private transactions under the Stock Repurchase Program of shares issued under the Company's equity compensation plans to directors, employees and other service providers at the market price on the effective date of the repurchase request. Total repurchases under this provision currently are limited to an aggregate of 450,000 shares per calendar year and to a maximum of 50,000 shares annually per individual. There were no repurchases of any kind under the program for the three months ended December 31, 2014 or 2013.

 

Total repurchase activity through December 31, 2014 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Details of Treasury Stock Purchases to Date

Issuer Purchases of Equity Securities

through December 31, 2014

 

Total Number

 

Average Price

 

 

 

 

of Shares

 

Paid

 

Cost of Treasury

 

Purchased

 

Per Share

 

Stock

Period:

 

 

 

 

 

 

January 1, 2007 –  September 30, 2014

2,183,454 

 

$

3.57 

 

$

7,805,655 

October 1, 2014 - October 31, 2014

 —

 

 

 —

 

 

 —

November 1, 2014 - November 30, 2014

 —

 

 

 —

 

 

 —

December 1, 2014 - December 31, 2014

 —

 

 

 —

 

 

 —

   Quarterly Subtotal

 —

 

 

 —

 

 

 —

Total

2,183,454 

 

$

3.57 

 

$

7,805,655