Note 7 - Equity |
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| Equity [Text Block] |
NOTE 7 - EQUITY
The Company is authorized to issue 120,000 shares of Common Stock, $0.01 par value per share, of which 9,391 shares of Common Stock were issued and outstanding as of March 31, 2026 and December 31, 2025.
Share Repurchase Program
On May 13, 2025, the Board approved the extension of the Company’s previously authorized share repurchase program, initially approved by the Board on August 16, 2019, as amended on September 23, 2019, November 6, 2019, February 1, 2021 and March 17, 2023 (“Share Repurchase Program”). Under the extended and amended Share Repurchase Program, the Board authorized management to repurchase up to $5,000 of the Company's Common Stock over a period of 24 months, at a purchase price equal to the fair market value of the Company's Common Stock on the date of purchase, with the exact date and amount of such purchases to be determined by management (the “2025 Share Repurchase Program”).
During the three months ended March 31, 2026 and 2025, the Company did repurchase any Common Stock under its share repurchase programs. As of March 31, 2026, the Company retained authorization to purchase $5,000 of Common Stock under the 2025 Share Repurchase Program.
Options
Information regarding options outstanding as of March 31, 2026 is as follows:
The closing stock price for the Company’s Common Stock on March 31, 2026 was $14.20, resulting in an intrinsic value of outstanding options of $8,389.
During the three months ended March 31, 2026, the Company granted stock options to purchase six shares of Common Stock to employees. The stock options are exercisable at $15.21 per share. The stock options expire in years and vest (i) on the first anniversary from the date of grant, and (ii) in equal annual installments thereafter. The total fair value of these options at grant date was approximately $41, which was determined using a Black-Scholes option pricing model with the following assumptions: stock price of $15.21 per share, expected term of five years, volatility of 46%, dividend rate of 0%, and risk-free interest rate of 3.5%. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the expected term of the share option award. The expected term represents the weighted-average period of time that share option awards granted are expected to be outstanding giving consideration to vesting schedules and historical participant exercise behavior. The expected volatility is based upon historical volatility of the Company’s Common Stock. The expected dividend yield is based on the fact that the Company has not paid dividends in the past and does not expect to pay dividends in the future.
During the three months ended March 31, 2025, 173 stock options were exercised pursuant to the terms of the option agreements. As a result, the Company received cash proceeds of $638, of which $259 was received in March 2025 and the remaining $379 was received in April 2025.
During the three-month periods ended March 31, 2026 and 2025, the Company recognized stock-based compensation of $17 and $107, respectively, related to stock options. As of March 31, 2026 there is $133 of unamortized stock-based compensation related to stock options.
Warrants
The Company issued warrants to purchase shares of Common Stock during three months ended March 31, 2026 and 2025. There are outstanding warrants to purchase shares of Common Stock as of March 31, 2026 and December 31, 2025.
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