Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.21.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Share Repurchase Program
On February 17, 2021, the Board of Directors re-authorized the Company's share repurchase program. The previous share repurchase program had a term of 24 months and terminated on February 21, 2021. The share repurchase program allows for repurchase of up to 790,383 shares of the Company's outstanding common stock over 24 months. The shares will be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, depending on market conditions. Under the program, the purchases will be funded from available working capital, and the repurchased shares will be returned to the status of authorized, but unissued shares of common stock or held in treasury. There is no guarantee as to the exact number of shares that will be repurchased by the Company, and the Company may discontinue purchases at any time that management determines additional purchases are not warranted. As of March 31, 2021, the Company has 790,383 shares of its share repurchase authorization remaining.
Shares repurchased for the three months ended March 31, 2021 and 2020 were as follows:
Three Months Ended March 31,
2021 2020
Number of shares repurchased —  59,617 
Average price per share $ —  $ 10.65 
Total cost of shares repurchased $ —  $ 636,940