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Repurchase of Common Stock - Effects on Stockholders' Equity
9 Months Ended
Sep. 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 nine months ended September 30, 2012, the Company repurchased 16,782 shares and 22,068 shares of the Company’s common stock, in unsolicited transactions at a cost of $171,815 and $226,172, respectively, of which $8,247 and $10,845 were allocated to capital and $163,568 and $215,327 were allocated to retained earnings, respectively. As of September 30, 2012, the Company had remaining authority under the 2008 program to repurchase up to an aggregate of 224,164 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.