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Note 6 - Stock Repurchase Program
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Jun. 30, 2011
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| Treasury Stock Acquired, Repurchase Authorization |
NOTE
6 - Stock
Repurchase Program
On
January 17, 2007, the Company announced a Stock Repurchase
Program under the terms of which up to a million shares of
its common stock could be purchased during the subsequent
twelve months. In March 2008, the repurchase program was
expanded up to a total of 2,000,000 shares to be acquired
through December 31, 2009. In February 2009, the
Board further expanded the repurchase program to a maximum of
3,000,000 shares to be acquired through December 31,
2010. On March 25, 2010, the Board extended the
period of the Stock Repurchase Program through December 31,
2011. From the program’s onset through June 30, 2011,
the total number of shares repurchased by the Company is
1,914,829. 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
amendment are limited to an aggregate of 250,000 shares per
calendar year and to a maximum of 25,000 shares annually per
individual. Purchases under this amendment for the
nine months ended June 30, 2011 and 2010 were 5,750 and
30,806 shares, respectively.
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