XML 18 R30.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Common Stock
12 Months Ended
Dec. 31, 2019
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]  
Common Stock
Common Stock
Quarterly cash dividends were paid aggregating to $8.5 million, $7.1 million, and $6.0 million, or $1.26 per share, $1.02 per share, and $0.86 per share, in 2019, 2018, and 2017, respectively.  On February 27, 2020, the Board of Directors declared a $0.34 per share cash dividend payable on March 20, 2020, to shareholders of record on March 12, 2020.  Federal and State regulations place certain limitations on the payment of dividends by the Company.
In April 2019, the Company’s Board of Directors approved a plan whereby it would periodically repurchase for cash up to approximately 5% of its shares of common stock in the open market. At December, 31, 2019, there were 0 shares available under the stock repurchase program. However, on January 27, 2020 the Board authorized the repurchase of up to an additional 327,000 shares of common stock. The Company intends to continue to repurchase its stock from time to time depending upon market conditions. The Company can make no assurances that it will continue this program or that it will authorize additional shares for repurchase.  During 2019, 2018 and 2017, 347,676, 15,468 and 58,341 shares were repurchased, respectively. During 2020 through March 5, the Company has repurchased 98,605 shares.