PAMT CORP 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.   The Company’s stock repurchase program has been extended and expanded several times, most recently in April 2017, when the Board of Directors reauthorized 500,000 shares of common stock for repurchase under the initial September 2011 authorization. Since the reauthorization, the Company has repurchased 347,341 shares of its common stock under this repurchase program.   On July 27, 2021, the Company commenced a tender offer to repurchase up to 200,000 shares of the Company’s outstanding common stock at a price of not greater than $37.00 nor less than $32.00 per share. Following the expiration of the tender offer on August 31, 2021, the Company accepted 272,405 shares, including 72,405 oversubscribed shares tendered, of its common stock for purchase at $37.00 per share, at an aggregate purchase price of approximately $10.1 million, excluding fees and expenses related to the offer. The Company funded the purchase of the accepted shares tendered with available cash and accounted for the repurchase of these shares as treasury stock on the Company’s condensed consolidated balance sheet as of September 30, 2021.   The following table summarizes the Company’s common stock repurchases during the third quarter of 2021. No shares were purchased during the quarter other than through this program or through the 2021 tender offer, and all purchases were made by or on behalf of the Company and not by any “affiliated purchaser.”   Issuer Purchases of Equity Securities                                 Period   Total number of shares purchased     Average price paid per share     Total number of shares purchased as part of publicly announced plans or programs     Maximum number of shares that may yet be purchased under the plans or programs  (1)   July 1-31, 2021     -       -       -       165,479   August 1-31, 2021     272,405 (2)   $ 37.00       272,405 (2)     165,479   September 1-30, 2021     12,820     $ 39.21       12,820       152,659   Total     285,225     $ 37.10       285,225               (1) The Company’s stock repurchase program does not have an expiration date.   (2) Consists of shares purchased pursuant to the 2021 tender offer.   26 Table of Contents Exhibit Number Exhibit Description       3.1   Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 of the Company's Form 10-Q filed on May 15, 2002) 3.2   Certificate of Amendment of Amended and Restated Certificate of Incorporation of the Registrant, filed with the Secretary of State of the State of Delaware on April 30, 2020 (incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K filed on May 1, 2020) 3.3   Amended and Restated By-Laws of the Registrant (incorporated by reference to Exhibit 3.2 of the Company's Form 8-K filed on December 11, 2007) 3.4   First Amendment to the Amended and Restated By-Laws of the Registrant (incorporated by reference to Exhibit 3.2 of the Company’s Form 8-K filed on January 7, 2020) 3.5   Second Amendment to the Amended and Restated By-Laws of the Registrant (incorporated by reference to Exhibit 3.3 of the Company’s Form 8-K filed on August 5, 2020) 3.6   Third Amendment to the Amended and restated By-Laws of the Registrant (incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K filed on March 10, 2021) 31.1   Rule 13a-14(a) Certification of Principal Executive Officer 31.2   Rule 13a-14(a) Certification of Principal Financial Officer 32.1   Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101.INS   Inline XBRL Instance Document 101.SCH   Inline XBRL Taxonomy Extension Schema Document 101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB   Inline XBRL Taxonomy Extension Labels Linkbase Document 101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document 104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)   27 Table of Contents   SIGNATURES     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.       P.A.M. TRANSPORTATION SERVICES, INC.         Dated: November 5, 2021 By: /s/ Joseph A. Vitiritto   Joseph A. Vitiritto   President and Chief Executive Officer   (principal executive officer)     Dated: November 5, 2021 By: /s/ Allen W. West   Allen W. West   Vice President-Finance, Chief Financial   Officer, Secretary and Treasurer   (principal accounting and financial officer)         28