Common Stock and Dividends

6 Months Ended

Jun. 30, 2022

Common Stock and Dividends

Common Stock and Dividends

Note 9 — Common Stock and Dividends

We paid cash dividends of $.60 per share on February 28, 2022 to record holders of our common stock on February 15, 2022. We paid cash dividends of $.60 on February 17, 2021, to record holders of our common Stock on February 5, 2021.

In April 2009, the Board of Directors re-established a formal stock repurchase program that authorized the repurchase of up to $40 million of common stock within the following 12 months. Annually since then, including on February 23, 2022, the Board of Directors extended and increased the repurchase program to purchase up to $150 million of common stock during the 12-month period commencing on March 15, 2022. Shares of common stock may be purchased from time to time on the open market or through privately negotiated transactions. Shares purchased in this program will be held in treasury for reissue for various corporate purposes, including employee compensation plans. During the second quarter of 2022, the Board of Directors adopted a Rule 10b5-1 trading plan, and intends to adopt additional Rule 10b5-1 trading plans, which will allow us to purchase shares of our common stock during certain trading blackout periods when we ordinarily would not be in the market due to trading restrictions in our insider trading policy. During the term of a Rule 10b5-1 trading plan, purchases of common stock are automatic to the extent the conditions of the plan’s trading instructions are met. Shares purchased under the Rule 10b5-1 trading plan will be held in treasury for reissue for various corporate purposes, including employee stock compensation plans. As of August 1, 2022, a total of

13,435,377 shares had been repurchased under all programs at a cost of $403,680,000. We are not obligated to purchase shares under our stock repurchase program outside of its Rule 10b5-1 trading plan.