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Note 6 - Stock Repurchase Program
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Dec. 31, 2012
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| Treasury Stock [Text Block] |
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 million shares
of its common stock could be purchased during the subsequent
12 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 million shares through the
period ending December 31, 2013. From the
program’s onset through December 31, 2012, the total
number of shares repurchased by the Company is
1,983,829. 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 the
three months ended December 31, 2012 and 2011 were 25,000 and
1,000 shares, respectively.
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