|9 Months Ended|
Sep. 30, 2018
|Notes to Financial Statements|
|NOTE J - STOCK REPURCHASE||
On June 14, 2017, the Board of Directors authorized an extension and increase of the Company's share repurchase program (the "Share Repurchase Program") to repurchase up to $5,000,000 of common stock over the subsequent 24 month period (for a total authorization of approximately $17,000,000 since inception of the program in August 2011). The common stock may be repurchased from time to time in open market transactions or privately negotiated transactions in the Company's discretion. The timing and amount of the shares repurchased is determined by management based on its evaluation of market conditions and other factors. The Share Repurchase Program may be increased, suspended or discontinued at any time.
Since inception of the Share Repurchase Program through September 30, 2018, the Company has repurchased an aggregate of 8,123,904 shares of its common stock at an aggregate cost of $15,069,477 (exclusive of commissions) or an average per share price of $1.86. All such repurchased shares have been cancelled. During the three months ended September 30, 2018, the Company repurchased an aggregate of 91,995 shares of its common stock at an aggregate cost of $248,260 (exclusive of commissions) or an average per share price of $2.70. During the nine months ended September 30, 2018, the Company repurchased an aggregate of 548,351 shares of its common stock at an aggregate cost of $1,524,468(exclusive of commissions) on an average per share price of $2.78. Such shares repurchased during the nine months ended September 30, 2018 include 75,000 shares of common stock repurchased from a director of the Company at a purchase price of $2.77 per share or an aggregate consideration of $207,750. At September 30, 2018, the dollar value of remaining shares that may be repurchased under the Share Repurchase Program was $1,394,532.
Tabular disclosure of accelerated share repurchase (ASR) programs. An ASR is a combination of transactions that permits an entity to purchase a targeted number of shares immediately with the final purchase price of those shares determined by an average market price over a fixed period of time. An accelerated share repurchase program is intended to combine the immediate share retirement benefits of a tender offer with the market impact and pricing benefits of a disciplined daily open market stock repurchase program. ASRs can be disclosed as part of stockholders' equity.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef