SHARE REPURCHASE PROGRAM

12 Months Ended

Dec. 31, 2019

SHARE REPURCHASE PROGRAM

SHARE REPURCHASE PROGRAM

16. SHARE REPURCHASE PROGRAM

In 1998, the Company’s share repurchase program was established. On several occasions since the program’s inception, the Board of Directors has extended the number of shares authorized for repurchase under the program. In total, 7.5 million shares have been authorized for repurchase.

In 2019, the Company purchased 222,740 shares at a total cost of $5.6 million through its share repurchase program. In 2018, the Company purchased 351,626 shares at a total cost of $11.4 million through its share repurchase program. As of December 31, 2019, there were 442,270 authorized shares remaining under the program.