Stock Repurchase Program

12 Months Ended

Dec. 31, 2017

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.  In March 2017, the Board of Directors approved and reset the number of shares available to be repurchased under the 2004 stock repurchase program to 1,000,000.  This program does not have a formal expiration date and superseded any previously announced programs that may have had remaining available shares for repurchase.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 did not repurchase any shares during the year ended December 31, 2017 and 32,900 shares at a cost of $2.1 million during the year ended December 31, 2016.  The Company repurchased 60,000 shares at a cost of $4.3 million during the year ended December 31, 2015. 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 61,125,  55,537, and 21,046 shares at a cost of $5.5 million, $3.9 million, and $1.4 million in 2017, 2016, and 2015, respectively.