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Note 9 - Stock Repurchase Program
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Sep. 30, 2011
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| Treasury Stock Acquired, Repurchase Authorization |
Note
9. 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 late 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 September 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. For
the remainder of calendar 2008, the maximum repurchase was
a total of 62,500 shares or 6,250 shares per
individual. No shares were repurchased under the
amendment in calendar year 2008.
Thereafter,
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
fiscal year 2011, 2010 and 2009 were 5,750, 65,274 and
152,644 shares, respectively.
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