6. Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Stockholders' Equity

Our Board of Directors has at various times authorized repurchases of our stock in open-market or privately-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 stock repurchase program pursuant to which we could have repurchased up to 200,000 shares of our common stock from time to time in open market or privately-negotiated transactions. All shares of common stock under this program were repurchased. On May 21, 2015 our Board of Directors adopted a new stock repurchase program pursuant to which we can repurchase up to 250,000 shares of our common stock from time to time in open market or privately-negotiated transactions.  This program has no expiration date but may be terminated by the Board of Directors at any time. As of December 31, 2015, 234,782 shares remained available for repurchase under this program. We repurchased 89,862, 74,746 and 36,666 shares during 2015, 2014 and 2013, respectively.

We have increased our quarterly cash dividend payments in September of each of the past three years. The quarterly dividend was increased to $.64 per share in September 2013, to $.75 per share in September 2014 and to $.90 per share in September 2015.  Holders of our stock units earned non-cash dividends of $45,000 in 2015, $33,000 in 2014 and $29,000 in 2013.

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.