XML 69 R28.htm IDEA: XBRL DOCUMENT v2.4.1.9
Share Repurchase Plan
12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Share Repurchase Plan
Share Repurchase Plan
During 2007, the Corporation’s Board of Directors approved a share repurchase program for the repurchase of up to 643,782 shares of common stock. During the nine months ended September 30, 2013, the Corporation repurchased 540,285 shares at a cost of $9.9 million under the 2007 plan. At September 30, 2013, this share repurchase plan was substantially completed.
On October 23, 2013, the Corporation’s Board of Directors approved a new stock repurchase plan for the repurchase of up to 800,000 shares, or approximately 5% of the shares outstanding. Under this plan, the Corporation will repurchase shares of its common stock from time to time through open market purchases, tender offers, privately negotiated purchases or other means. The share repurchase program does not obligate the Corporation to acquire any particular amount of common stock. The program has no scheduled expiration date and the Board of Directors has the right to suspend or discontinue the program at any time.
The Corporation repurchased 110,997 shares under the 2013 plan during the year ended December 31, 2014, at a cost of $2.0 million. At December 31, 2014, total shares outstanding were 16,221,607.