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Note 8 - Stock Repurchase Program
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Sep. 30, 2012
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| Treasury Stock Acquired, Repurchase Authorization |
Note
8. Stock
Repurchase Program
The
Company’s Stock Repurchase Program was announced
on January 17, 2007. At initiation, the
plan’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 plan a number of times to both extend
its term and increase the maximum number of
shares which could be
repurchased. Currently, the plan allows for
a maximum repurchase of up to 3,000,000 shares through
the period ending December 31, 2012. From
the program’s onset through September 30, 2012,
the total number of shares repurchased by the Company
is 1,958,829. 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. 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 2012, 2011 and 2010 were 34,000, 5,750
and 65,274 shares, respectively.
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