Quarterly report pursuant to Section 13 or 15(d)

Capital Stock

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Capital Stock
9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Capital Stock

Note 7. Capital Stock

Common 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 September 30, 2020 and December 31, 2019, there were 11,441,762 and 11,314,150 shares of common stock issued and outstanding, respectively.

Preferred Stock

The Company is authorized to issue 20,000,000 shares of preferred stock, with a par value of $0.005. At September 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 nine months ended September 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. During the nine months ended September 30, 2019, the Company repurchased 120,000 shares of its common stock at an average price of $28.86 per share for $3.5 million. The repurchases were made in open market transactions using cash on hand, and all of the shares repurchased were retired.  

At September 30, 2020, $6.7 million remained available of this $15 million stock repurchase program.