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Repurchase of Common Stock - Effects on Stockholders' Equity
6 Months Ended
Jun. 30, 2015
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. As of June 30, 2015, and December 31, 2014, the Company had remaining authority under the 2008 program to repurchase up to an aggregate of 220,465 and 222,669 shares of its common stock, respectively. The 2008 program is the only program under which there is authority to repurchase shares of the Company’s common stock. The Company repurchased 2,204 shares of stock during the three and six months ended June 30, 2015, in unsolicited transactions at a cost of $23,490 of which $1,083 was allocated to capital and $22,407 was allocated to retained earnings. The Company did not repurchase any stock during the three and six months ended June 30, 2014. The Company has or will retire all stock repurchased.