Stockholders' Equity

12 Months Ended

Dec. 31, 2013

Stockholders' Equity

(6) Stockholders’ Equity

Our Board of Directors has at various times authorized repurchases of our stock in open-market or negotiated transactions at such times and at such prices as management may from time to time determine. On August 16, 2011, our Board of Directors adopted a new stock repurchase program pursuant to which we can repurchase up to 200,000 shares of our common stock from time to time in open market or privately-negotiated transactions. This stock repurchase program has no expiration date but may be terminated by the Board of Directors at any time. As of December 31, 2012, 165,438 shares remained available for repurchase under this program. In 2013, we repurchased 36,666 shares under this program, including 6,704 shares from executive officers in transactions during an open window period for trading, and that were pre-cleared, under our Insider Trading Policy. In 2012 and 2011, we repurchased 26,562 and 8,000 shares, respectively, and as of December 31, 2013 there remained 128,772 shares available for repurchase under the program.

We have increased our quarterly cash dividend payments in September of each of the past three years. The quarterly dividend was increased to $.49 per share in September 2011, to $.56 per share in September 2012 and to $.64 in September 2013.  On December 10, 2012 we also paid a special cash dividend to stockholders of $10.00 per share. Holders of stock units earned non-cash dividends of $29,000 in 2013, $157,000 in 2012 and $30,000 in 2011.

We have a Rights Plan, which is intended to protect the interests of stockholders in the event of a hostile attempt to take over the Company.  The rights, which are not presently exercisable and do not have any voting powers, represent the right of our stockholders to purchase at a substantial discount, upon the occurrence of certain events, shares of our common stock or of an acquiring company involved in a business combination with us.  This plan, which was adopted in August 2006, expires in August 2016.