|6 Months Ended|
Jun. 30, 2021
|Other Liabilities Disclosure [Abstract]|
On June 8, 2021, the Board of Directors authorized an extension and increase of the Company’s share repurchase program (the “Share Repurchase Program”) to repurchase up to $16,286,805 (exclusive of commissions) or an average per share price of $ . Except for the Company’s repurchase of shares of its common stock from one of its directors at a price of $ per share or an aggregate consideration of $130,800 in a privately negotiated transaction (see Note M below), the Company did not repurchase any shares of its common stock during the three and six months ended June 30, 2021. At June 30, 2021, the dollar value of remaining shares that may be repurchased under the Share Repurchase Program was $ . of common stock over the subsequent 24 month period. 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 June 30, 2021, the Company has repurchased an aggregate of shares of its common stock at an aggregate cost of $
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