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Subsequent Events
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

15. Subsequent Events

Share Purchase Program

Subsequent to June 30, 2018, the Company purchased 44,600 shares of common stock for $0.9 million, at an average price per share of $20.77 through July 23, 2018. The Company purchased these shares on the open market at prevailing market prices and in accordance with its previously announced share purchase program. At July 23, 2018, $23.1 million remains for future purchase under the share purchase program.

 

Dividend Declaration

On July 25, 2018 the Company’s Board of Directors declared a $0.116 per share quarterly cash dividend on our outstanding common stock. The record date is set for October 1, 2018 and the dividend is payable to shareholders of record on October 19, 2018. Dividends are declared at the discretion of the Company’s Board of Directors and depend on actual cash from operations, the Company’s financial condition and capital requirements and any other factors the Company’s Board of Directors may consider relevant. Future dividend declarations, as well as the record and payment dates for such dividends, will be determined by the Company’s Board of Directors on a quarterly basis.

Highly Inflationary Economy

At June 30, 2018, our wholly-owned Olapic Argentina S.A. subsidiary employs approximately 93 people whose functions mainly include development, sales support and administration. The Argentinian economy was recently determined to be highly inflationary. A highly inflationary economy is one where the cumulative inflation rate for the three years preceding the beginning of the reporting period, including interim reporting periods, is in excess of 100 percent. Argentina’s inflation rate reached this threshold with the quarterly period ended June 30, 2018. For the interim periods ended June 30, 2018, the functional currency for our subsidiary is the Argentinian peso, the foreign entity’s local currency. Monthly operations average between $0.4 million and $0.5 million. In accordance with this designation, we are required to apply the guidance in ASC Topic 830, Foreign Currency Matters, (Subtopic ASC 830-10-45-10), and account for a change in functional currency from the Argentinian peso to the U.S. dollar effective July 1, 2018.