Item 5. Market for Registrant’s Common Equity
ITEM 5.
MARKET FOR OUR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
The information set forth under the caption "Quarterly Summary" in our annual report, to be delivered to shareholders in connection with the April 20, 2021 Annual Meeting of Shareholders (filed as exhibit 13 to
this report on Form 10-K), is incorporated herein by reference.
We maintain a Deferred Compensation and Stock Purchase Plan for Non-Employee Directors (the "Plan") pursuant to which non-employee directors can elect to receive shares of our common stock in lieu of fees
otherwise payable to the director for his or her service as a director. A director can elect to receive shares on a current basis or to defer receipt of the shares, in which case the shares are issued to a trust to be held for the account of
the director and then generally distributed to the director after his or her retirement from the Board. Pursuant to this Plan, during the fourth quarter of 2020, we issued 656 shares of common stock to non-employee directors on a current basis
and 6,717 shares of common stock to the trust for distribution to directors on a deferred basis. These shares were issued on October 1, 2020 and November 20, 2020 representing aggregate fees of $0.09 million. The shares on a current basis were
issued at a price of $12.57 per share and the shares on a deferred basis were issued at a price of $11.61 per share, representing 90% of the fair value of the shares on the credit date. The price per share was the consolidated closing bid
price per share of our common stock as of the date of issuance, as determined in accordance with NASDAQ Marketplace Rules. We issued the shares pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933 due to
the fact that the issuance of the shares was made on a private basis pursuant to the Plan.
ISSUER PURCHASES OF EQUITY SECURITIES
The following table shows certain information relating to purchases of common stock for the three-months ended December 31, 2020:
Period
Total Number of
Shares Purchased(1)
Average Price
Paid Per Share
Total Number of
Shares Purchased
as Part of a
Publicly
Announced Plan(2)
Remaining
Number of
Shares Authorized
for Purchase
Under the Plan
October 2020
1,885
$
14.19
-
441,071
November 2020
32,459
$
15.02
30,027
411,044
December 2020
1,588
$
18.80
-
-
Total
35,932
$
15.15
30,027
-
(1)
Includes shares withheld from the shares that would otherwise have been issued to certain officers in order to satisfy tax withholding obligations and the stock option exercise price resulting from the exercise of stock options.
(2)
These shares were repurchased pursuant to a share repurchase plan announced on December 17, 2019, which authorized the repurchase of up to 1,120,000 shares of our outstanding common stock during 2020.
The share repurchase plan we had in place for 2020 expired on December 31, 2020. On December 15, 2020, we announced the adoption by our Board of Directors of a 2021 share repurchase plan that authorizes the
repurchase during 2021 of up to 1,100,000 shares of our outstanding common stock.
ITEM 6.
SELECTED FINANCIAL DATA
The information set forth under the caption "Selected Consolidated Financial Data" in our annual report, to be delivered to shareholders in connection with the April 20, 2021 Annual Meeting of Shareholders (filed
as exhibit 13 to this report on Form 10-K), is incorporated herein by reference.
30