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Note 6 - Stock Repurchase Program
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Mar. 31, 2013
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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 March 31, 2013, the total
number of shares repurchased by the Company is
2,011,954. The total number of shares that may yet
be purchased under the program is 988,046. 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. During the three months ended
March 31, 2013, private repurchase transactions were 18,125
shares, and open market repurchase transactions were 10,000
shares. For the six months ended March 31, 2013, private
repurchase transactions were 43,125 shares, and open market
repurchase transactions were 10,000 shares. During the three
months ended March 31, 2012 there were no private or open
market repurchase transactions. During the six
months ended March 31, 2012 private repurchase transactions
were 1,000 shares for $4,690 and there were no open market
repurchase transactions.
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