STOCK REPURCHASE PROGRAMS

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

STOCK REPURCHASE PROGRAMS

STOCK REPURCHASE PROGRAMS

Stock Repurchase Plans

On November 3, 2011, the Company’s Board of Directors authorized a $15.0 million stock repurchase program.  This program does not have an expiration date.  The timing and terms of the purchases are determined by management based on board approved parameters and market conditions, and are conducted in accordance with the applicable rules of the Securities and Exchange Commission.  Common stock repurchased under this program will be retired by the Company.  During 2018, the Company repurchased 25,300 shares of its common stock at an average cost of $25.76. No repurchases were made in 2017, but 17,300 shares were repurchased during 2016 at an average cost of $22.14.

Stock Purchase Plan

During the second quarter of 2005, Employers Mutual initiated a $15.0 million stock purchase program under which Employers Mutual may purchase shares of the Company’s common stock in the open market.  This purchase program does not have an expiration date; however, this program is currently dormant and will remain so while the Company’s repurchase program is in effect.  The timing and terms of the purchases are determined by management based on market conditions and are conducted in accordance with the applicable rules of the Securities and Exchange Commission.  No purchases were made during 2018, 2017 and 2016.  As of December 31, 2018, $4.5 million remained available under this plan for additional purchases.