Item 2. Unregistered Sales of Equity Securities
ITEM 2. UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On
December 21, 2018, the Board authorized a share repurchase program under which the Company was authorized to repurchase up to
$3.5 million of the Company’s outstanding shares of common stock, or approximately 312,497 common shares, in accordance
with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act. The December 21, 2018
share repurchase program expired on May 31, 2019 and was renewed on September 5, 2019 and March 26, 2020. Under the March 26,
2020 share repurchase program, the Board authorized the repurchase of up to $2.0 million worth of common shares. That program
will expire on the earliest of September 30, 2020, the date on which a total of 157,318 common shares have been repurchased, or
the date on which $2.0 million worth of common shares have been repurchased.
As
of June 30, 2020, the Company has repurchased 233,716 shares under the share repurchase programs at a total cost of $2.6 million,
or $10.92 per share. Through August 10, 2020, the Company has repurchased an aggregate of 361,711 shares of its outstanding common
stock, including three privately negotiated purchases outside of the share repurchase programs, at a total cost of $3.9 million
or $10.91 per share. As of August 10, 2020, 30,352 shares may yet be repurchased under the programs.
The
table below summarizes information about our purchases of common stock during the three months ended June 30, 2020:
Period
Total Number
of Shares
Purchased
Average Price
Paid per Share
Total Number of
Shares Purchased as
Part of Publicly
Announced Plan
Maximum Number of
Shares That May Yet
Be Purchased Under
the Plan
Balance as of March 31, 2020
157,318
April 1, 2020 through April 30, 2020
2,000
$ 11.26
2,000
155,318
May 1, 2020 through May 31, 2020
13,716
12.49
13,716
141,602
June 1, 2020 through June 30, 2020
62,821
13.35
62,821
78,781
78,537
$ 13.14
78,537
ITEM 3. DEFAULTS
UPON SENIOR SECURITIES.
None.
ITEM 4. MINE
SAFETY DISCLOSURES.
Not Applicable.
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