Note 14 - Common Shares |
12 Months Ended |
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Dec. 31, 2025 | |
| Notes to Financial Statements | |
| Equity [Text Block] |
14. Common Shares:
The Company’s authorized common share capital is 250 million shares of common stock without nominal or par value. On December 31, 2025, there were 11,111,453 shares of common stock outstanding ( December 31, 2024: 11,014,655).
Repurchase of common shares:
(a) Normal Course Issuer Bids:
2026 Stock Buyback Program
On February 12, 2026, the Company announced that its Board of Directors (“Board”) had approved a stock buyback program to repurchase up to $40 million of its common stock in the open market. The $40 million buyback program commenced on February 13, 2026 and is expected to terminate on or before February 12, 2027.
2025 Stock Buyback Program
On February 13 2025, the Company announced that its Board had approved a stock buyback program to repurchase up to
$40 million of its common stock in the open market. The
$40 million buyback program commenced on
February 14, 2025 and terminated on February 12, 2026. The Company did
repurchase shares under this program.
2024 Stock Buyback Program
On February 22, 2024, the Company announced that its Board had approved a stock buyback program to repurchase up to $40 million of its common stock in the open market. The $40 million buyback program commenced on February 23, 2024 and terminated on February 13, 2025. The Company did repurchase shares under this program.
(b) Net Exercise of Stock Options
Our current equity-based compensation plans include provisions that allow for the “net exercise” of stock options by all plan participants. In a net exercise, any required payroll taxes, federal withholding taxes and exercise price of the shares due from the option holder can be paid for by having the option holder tender back to the Company a number of shares at fair value equal to the amounts due. These transactions are accounted for by the Company as a purchase and retirement of shares and are included in the table on the following page as common stock received in connection with share-based compensation.
The Company did repurchase any shares of common stock during the years ended December 31, 2025, 2024, or 2023. In addition, no common stock was received in connection with share-based compensation during any of these periods.
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