• Filing Date: 2018-07-13
  • Form Type: 10-Q
  • Description: Quarterly report
v3.10.0.1
Note 5 - Stockholders' Equity
3 Months Ended
May 31, 2018
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
NOTE
5
- STOCKHOLDERS’ EQUITY
 
Cash Dividend
 
The Company paid a quarterly cash dividend of
$0.12
per common share on
March 16, 2018
to stockholders of record on
March 6, 2018.
The Company declared a quarterly cash dividend of
$0.12
per share of common stock on
May 10, 2018
payable on
June 15, 2018
to stockholders of record on
June 5, 2018.
 
Future declaration of dividends will depend on, among other things, the Company's results of operations, capital requirements, financial condition and on such other factors as the Board of Directors
may
in its discretion consider relevant and in the best long-term interest of the Company’s stockholders. The Company is subject to various financial covenants related to its line of credit and other long-term debt, however, those covenants do
not
restrict the Board of Director’s discretion on the future declaration of cash dividends.
 
Stock Repurchases
 
On
July 15, 2014,
the Company publicly announced a plan to repurchase up to
$3.0
million of its common stock in the open market or in private transactions, whenever deemed appropriate by management. On
January 13, 2015,
the Company announced a plan to purchase up to an additional
$2,058,000
of its common stock under the repurchase plan, and on
May 21, 2015,
the Company announced a further increase to the repurchase plan by authorizing the purchase of up to an additional
$2,090,000
of its common stock under the repurchase plan. The Company did
not
repurchase any shares during the
three
months ended
May 31, 2018.
As of
May 31, 2018,
approximately
$638,000
remains available under the repurchase plan for further stock repurchases.
 
Stock-Based Compensation
 
At
May 31, 2018,
the Company had stock-based compensation plans for employees and non-employee directors that authorized the granting of stock awards, including stock options and restricted stock units.
 
The Company recognized
$155,807
of stock-based compensation expense during the
three
months ended
May 31, 2018
compared with
$134,415
during the
three
months ended
May 31, 2017.
Compensation costs related to stock-based compensation are generally amortized over the vesting period of the stock awards.
 
The following table summarizes non-vested restricted stock unit transactions for common stock during the
three
months ended
May 31, 2018
and
2017:
 
   
Three Months Ended
 
   
May 31,
 
   
2018
   
2017
 
Outstanding non-vested restricted stock units as of February 28:
   
77,594
     
123,658
 
Granted
   
-
     
-
 
Vested
   
-
     
-
 
Cancelled/forfeited
   
-
     
(560
)
Outstanding non-vested restricted stock units as of May 31:
   
77,594
     
123,098
 
                 
Weighted average grant date fair value
  $
12.16
    $
12.21
 
Weighted average remaining vesting period (in years)
   
1.02
     
1.98
 
 
The Company issued
2,000
fully vested, unrestricted shares of stock to non-employee directors during the
three
months ended
May 31, 2018
compared to
no
shares issued during the
three
months ended
May 31, 2017.
In connection with these non-employee director stock issuances, the Company recognized
$24,480
and
$0
of stock-based compensation expense during the
three
months ended
May 31, 2018
and
2017,
respectively.
 
During the
three
months ended
May 31, 2018,
the Company recognized
$131,327
of stock-based compensation expense related to non-vested, non-forfeited restricted stock unit grants. The restricted stock units generally vest between
17%
and
20%
annually over a period of
five
to
six
years. Total unrecognized stock-based compensation expense of non-vested, non-forfeited restricted stock units, as of
May 31, 2018,
was
$489,426,
which is expected to be recognized over the weighted average period of
1.02
years.
 
The Company has
no
outstanding stock options as of
May 31, 2018.