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Repurchase of Common Stock - Effects on Stockholders' Equity
6 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
Repurchase of Common Stock - Effects on Stockholders' Equity

 

NOTE 3 – 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 and six months ended June 30, 2012, the Company repurchased 4,786 shares and 5,286 shares of the Company’s common stock, in unsolicited transactions at a cost of $48,582 and $54,357, respectively, of which $2,352 and $2,598 were allocated to capital and $46,230 and $51,759 were allocated to retained earnings, respectively. As of June 30, 2012, the Company had remaining authority under the 2008 program to repurchase up to an aggregate of 240,946 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 or will retire all stock repurchased.