Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  

On August 22, 2011, the Company announced that its Board of Directors approved a share repurchase program to repurchase up to $2,000,000 of shares of its common stock over the next 12 months ("Share Repurchase Program").  On June 9, 2016, the Board of Directors authorized an extension of the Share Repurchase Program to repurchase up to $2,654,000 of common stock over the subsequent 12 month period (for a total of up to $14,000,000 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 March 31, 2017, the Company has repurchased an aggregate of 6,926,004 shares of its common stock at a cost of $11,463,873 (exclusive of commissions) or an average per share price of $1.66.  All such repurchased shares have been cancelled.  During the three months ended March 31, 2017, the Company did not repurchase any shares of its common stock.  At March 31, 2017, the approximate dollar value of shares that may be repurchased under the Share Repurchase Program was $2,536,000.