|6 Months Ended|
Jun. 30, 2020
Note 7. Capital Stock
The Company is authorized to issue 500,000,000 shares of common stock, with a par value of $0.005 and each outstanding share of common stock is entitled to one vote.
At June 30, 2020 and December 31, 2019, there were 11,395,156 and 11,314,150 shares of common stock issued and outstanding, respectively.
The Company is authorized to issue 20,000,000 shares of preferred stock, with a par value of $0.005. At June 30, 2020, there were no shares of preferred stock issued and outstanding.
Stock Repurchase Program
In May 2019, the Company announced that its Board of Directors (the “Board”) had approved a stock repurchase program for up to $15 million of the Company’s common stock. The shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or by other methods in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program will be determined by management in its discretion and will depend on a number of factors, including the market price of the Company’s common stock, general market and economic conditions and applicable legal requirements. The stock repurchase program does not obligate the Company to purchase any particular amount of common stock and may be modified, suspended or discontinued at any time.
During the six months ended June 30, 2020, the Company repurchased 74,520 shares of its common stock at an average price of $21.65 per share for $1.6 million. The repurchases were made in open market transactions using cash on hand, and all of the shares repurchased were retired. During the six months ended June 30, 2019, the Company did not repurchase any shares.
At June 30, 2020, $6.7 million remained of this $15 million stock repurchase program.
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://www.xbrl.org/2003/role/disclosureRef