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Note 6 - Stock Repurchase Program
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Mar. 31, 2012
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| Treasury Stock Acquired, Repurchase Authorization |
NOTE
6 - 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 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. In December 2011, the Board further extended the period
of the Stock Repurchase Program through December 31,
2012. From the program’s onset through March
31, 2012, the total number of shares repurchased by the
Company is 1,915,829. 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. 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 six months ended March 31, 2012 and 2011
were 1,000 and 5,750 shares, respectively.
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