• Filing Date: 2019-07-15
  • Form Type: 10-Q
  • Description: Quarterly report
v3.19.2
Note 5 - Stockholders' Equity
3 Months Ended
May 31, 2019
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 paid a quarterly cash dividend of
$0.12
per share of common stock on
June 15, 2018
to stockholders of record on
June 5, 2018.
The Company paid a quarterly cash dividend of
$0.12
per share of common stock on
September 14, 2018
to stockholders of record on
September 4, 2018.
The Company paid a quarterly cash dividend of
$0.12
per share of common stock on
December 7, 2018
to stockholders of record on
November 23, 2018.
The Company declared a quarterly cash dividend of
$0.12
per share of common stock on
February 14, 2019,
which was paid on
March 15, 2019
to stockholders of record on
March 5, 2019.
The Company declared a quarterly cash dividend of
$0.12
per share of common stock on
May 28, 2019,
which was paid on
June 14, 2019
to stockholders of record on
June 4, 2019.
 
Future declarations of dividends will depend on, among other things, the Company's results of operations, financial condition, capital requirements, and on such other factors as the Company's Board of Directors
may
in its discretion consider relevant and in the best long-term interest of the Company’s stockholders.
 
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, 2019
or
2018.
As of
May 31, 2019,
approximately
$638,000
remains available under the repurchase plan for further stock repurchases.
 
Stock-Based Compensation
 
Under the Company’s
2007
Equity Incentive Plan (as amended and restated) (the
“2007
Plan”), the Company
may
authorize and grant stock awards to employees, non-employee directors and certain other eligible participants, including stock options, restricted stock and restricted stock units.
 
The Company recognized
$231,254
of stock-based compensation expense during the
three
months ended
May 31, 2019
compared with
$155,807
during the
three
months ended
May 31, 2018.
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, 2019
and
2018:
 
   
Three Months Ended
 
   
May 31,
 
   
2019
   
2018
 
Outstanding non-vested restricted stock units as of February 28:
   
25,002
     
77,594
 
Granted
   
270,000
     
-
 
Vested
   
-
     
-
 
Cancelled/forfeited
   
-
     
-
 
Outstanding non-vested restricted stock units as of May 31:
   
295,002
     
77,594
 
                 
Weighted average grant date fair value
  $
9.62
    $
12.16
 
Weighted average remaining vesting period (in years)
   
4.94
     
1.02
 
 
The Company issued
4,500
fully vested, unrestricted shares of stock to non-employee directors during the
three
months ended
May 31, 2019
compared to
2,000
shares issued during the
three
months ended
May 31, 2018.
In connection with these non-employee director stock issuances, the Company recognized
$42,525
and
$24,480
of stock-based compensation expense during the
three
months ended
May 31, 2019
and
2018,
respectively.
 
During the
three
months ended
May 31, 2019,
the Company recognized
$188,729
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, 2019,
was
$2,461,553,
which is expected to be recognized over the weighted average period of
4.94
years.
 
During the
three
months ended
May 31, 2019,
the Company granted
270,000
shares of restricted stock units with a grant date fair value of
$2,536,100
or
$9.39
per share, compared with
no
restricted stock units awarded in the
three
months ended
May 31, 2018.
The restricted stock unit grants vest between
17%
and
20%
annually over a period of
five
to
six
years.
 
The Company has
no
outstanding stock options as of
May 31, 2019.