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Dividend Reinvestment and Stock Purchase Plan
12 Months Ended
Dec. 31, 2019
Dividend Reinvestment And Stock Purchase Plan [Abstract]  
Dividend Reinvestment and Stock Purchase Plan

Note 8.Dividend Reinvestment and Stock Purchase Plan

 

In 2004, the Company implemented a dividend reinvestment and stock purchase plan (the “DRSPP”) that allows participating shareholders to purchase additional shares of the Company’s common stock through automatic reinvestment of dividends or optional cash investments at 100% of the market price of the common stock, which is either the actual purchase price of the shares if obtained on the open market, or the average of the closing bid and asked quotations for a share of common stock on the day before the purchase date for shares, if acquired directly from the Company, as newly issued shares under the DRSPP. There were no new shares issued during 2019 and 2018. The Company had 236,529 shares available for issuance under the DRSPP at December 31, 2019.