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Note 6 - Stock Repurchase Program
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Jun. 30, 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 June 30, 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
June 30, 2013, there were no private repurchase transactions
and no open market repurchase transactions. For the nine
months ended June 30, 2013, 53,125 shares were
repurchased. Of those private repurchase
transactions were 43,125 shares for $304,694 and open market
repurchase transactions were 10,000 shares for $67,298.
During the three months ended June 30, 2012, 10,000 shares
were repurchased. Of those there were no private
repurchases transactions and open market repurchase
transactions were 10,000 shares for
$54,311. During the nine months ended June 30,
2012, 11,000 shares were repurchased. Of those
private repurchase transactions were 1,000 shares for $4,690
and open market repurchase transactions were 10,000 shares
for $54,311.
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