Stock Repurchase Program

12 Months Ended

Dec. 31, 2015

Stock Repurchase Program

Stock Repurchase Program

Note 20—Stock Repurchase Program

In February 2004, the Company’s Board of Directors authorized a repurchase program to acquire up to 250,000 shares of its outstanding common stock.  This program does not have a formal expiration date and superseded any previously announced programs that may have had remaining available shares for repurchase. Under the announced stock repurchase program, the Company repurchased 60,000 shares at a cost of $4.3 million during the year ended December 31, 2015.  The Company did not repurchase any shares during the years ended December 31, 2014 and 2013 under the stock repurchase program. Under other arrangements where directors or officers surrendered currently owned shares to the Company to acquire proceeds for exercising stock options or paying taxes on currently vesting restricted stock, the Company repurchased 21,046,  14,723, and 17,186 shares at a cost of $1.4 million, $917,000, and $933,000 in 2015, 2014, and 2013, respectively.