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Repurchase of Common Stock
3 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Repurchase of common Stock - effects on stockholders' equity

NOTE 2 – REPURCHASE OF COMMON STOCK – EFFECTS ON STOCKHOLDERS’ EQUITY

On December 19, 2008, the Board of Directors authorized a stock repurchase program to acquire from time to time up to an aggregate of 500,000 shares of the Company’s common stock. This program has no expiration date and may be terminated by the Board of Directors at any time. During the three months ended March 31, 2012, the Company repurchased 500 shares of the Company’s common stock in unsolicited private transactions at a cost of $5,775, of which $246 was allocated to capital and $5,529 was allocated to retained earnings. As of March 31, 2012, the Company had remaining authority under the 2008 program to repurchase up to an aggregate of 245,732 shares of its common stock. The 2008 program is the only program under which there is authority to repurchase shares of the Company’s common stock. The Company has retired all stock repurchased.