|12 Months Ended|
Dec. 31, 2022
Note 13. Capital Stock
The Company is authorized to issue 500,000,000 shares of common stock with a par value of $0.005 per share. At December 31, 2022 and 2021, there were 12,243,929 and 11,703,430 shares of common stock issued and outstanding, respectively. Holders of common stock have voting rights equal to one vote per share of common stock held and are entitled to receive any dividends as may be declared from time to time by the Board.
At December 31, 2022, shares of common stock reserved for future issuance were as follows:
The Company is authorized to issue 20,000,000 shares of preferred stock, with a par value of $0.005. At December 31, 2022 and 2021, there was no preferred stock issued or outstanding.
Stock Repurchase Program
In May 2019, the Company's board of directors adopted a stock repurchase program for up to $15 million of our common stock. During the year ended December 31, 2022, the Company repurchased 106,992 shares of its common stock at an average price of $28.81 per share for $3.1 million and used up the remaining balance under the stock repurchase program authorized in May 2019 in the third quarter ended September 30, 2022. During the year ended December 31, 2021, the Company repurchased 95,151 shares of its common stock at an average price of $37.82 per share for $3.6 million. The repurchases were made in open market transactions using cash on hand, and all of the shares repurchased were retired.
In November 2022, the Company’s board of directors approved a new stock repurchase program for up to $25.0 million of the Company’s common stock. Although the board of directors has authorized the stock repurchase program, it does not obligate the Company to repurchase any specific dollar amount or number of shares, there is no expiration date for the stock repurchase program, and the stock repurchase program may be modified, suspended or terminated at any time and for any reason.
No definition available.
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef