Subsequent Events

9 Months Ended

Sep. 30, 2018

Subsequent Events

Subsequent Events

Note 21 – Subsequent Events

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 of which 900,000 was still available for repurchase as of September 30, 2018.  Starting in late October of 2018, the Company began repurchasing its common shares in open market transactions.   The Company made this determination after considering the liquidity needs and capital resources as well as the estimated current value of the Company's net assets.  The number of shares to be purchased and the timing of the purchases are based on a variety of factors, including, but not limited to, the level of cash balances, general business conditions, regulatory requirements, the market price of the Company's common stock, and the availability of alternative investment opportunities.  As of the date of this filing, the Company has repurchased 351,200 shares at an average price of $65.69 a share for a total of $23.1 million in common stock since September 30, 2018 and may repurchase up to an additional 548,800 shares of common stock under the stock repurchase program.

The Company has evaluated subsequent events for accounting and disclosure purposes through the date the financial statements are issued.