6. Shareholders' Equity

12 Months Ended

Dec. 31, 2013

Notes

6. Shareholders' Equity

6. SHAREHOLDERS’ EQUITY

As of December 31, 2013 and December 31, 2012, the Company had authorized 20,000,000 common stock shares with par value of $0.01 per share.  At both dates, the number of shares issued was 10,153,633, and the total number of outstanding shares was 10,091,822, with the 61,811 variance representing shares held in Treasury.

On December 9, 2013, the Board declared a special dividend of $.425 per share to all Shareholders of record as of December 19, 2013, and payable on or before January 2, 2014. The Company paid its transfer agent $4,289,000 on December 31, 2013, and the transfer agent paid the shareholder’s on January 2, 2014.

On November 15, 2012, the Board declared a special dividend of $1.00 per share to all Shareholders of record as of November 30, 2012, which was paid on December 14, 2012, in the amount of $10,092,000.

On April 4, 2012, the Company’s Board of Directors authorized an extension of its stock repurchase program for an additional two years, up to a maximum amount of $1,000,000.  The original program established in December of 2007 authorized the purchase of up to $5,000,000 of its common stock.  The purchases may be made from time-to-time in the open market or in privately negotiated transactions, depending on market and business conditions.  The Board retained the right to cancel, extend, or expand the share buyback program, at any time and from time-to-time.  Since inception, the Company has purchased a total of 61,811 shares for approximately $932,000, or approximately $15 per share.  The Company did not make any stock repurchases during 2013 or 2012.