XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Shareholders' Equity
6 Months Ended
Jun. 30, 2018
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
Shareholders’ Equity
 
Dividend
 
On July 19, 2018, the Corporation’s Board of Directors declared a regular quarterly dividend of $0.25 per share payable September 1, 2018 to shareholders of record as of August 1, 2018. During the second quarter of 2018, the Corporation paid or accrued, as applicable, a regular quarterly dividend of $0.22 per share. This dividend totaled $4.5 million, based on outstanding shares and restricted stock units as of May 1, 2018 of 20,446,221 shares.
 
S-3 Shelf Registration Statement and Offerings Thereunder

In May 2018, the Corporation filed a shelf registration statement on Form S-3, SEC File No. 333-224849 (the “Shelf Registration Statement”). The Shelf Registration Statement allows the Corporation to raise additional capital from time to time through offers and sales of registered securities consisting of common stock, debt securities, warrants, purchase contracts, rights and units or units consisting of any combination of the foregoing securities. The Corporation may sell these securities using the prospectus in the Shelf Registration Statement, together with applicable prospectus supplements, from time to time, in one or more offerings.

In addition, the Corporation has in place a Dividend Reinvestment and Stock Purchase Plan (the “Plan”), which allows it to issue up to 1,500,000 shares of registered common stock. The Plan allows for the grant of a request for waiver (“RFW”) above the Plan’s maximum investment of $120 thousand per account per year. An RFW is granted based on a variety of factors, including the Corporation’s current and projected capital needs, prevailing market prices of the Corporation’s common stock and general economic and market conditions.

For the three and six months ended June 30, 2018, the Corporation did not issue any shares under the Plan. No RFWs were approved during the three and six months ended June 30, 2018. No other sales of equity securities were executed under the Shelf Registration Statement during the three and six months ended June 30, 2018.
 
Option Exercises and Restricted Stock Awards

In addition to shares that may be issued through the Plan, the Corporation also issues shares through the exercise of stock options and the vesting of RSUs and PSUs. During the
three and six months ended June 30, 2018, 4,750 shares and 48,675 shares, respectively, were issued pursuant to the exercise of stock options, increasing shareholders’ equity by $115 thousand and $1.1 million, respectively. The increase in shareholders’ equity related to the vesting of restricted stock units and performance stock units, which is recognized over the vesting period through stock based compensation expense, was $615 thousand and $1.2 million for the three and six months ended June 30, 2018, respectively.
 
Stock Repurchases
 
On August 6, 2015, the Corporation announced a stock repurchase program (the “2015 Program”) under which the Corporation may repurchase up to 1,200,000 shares of the Corporation’s common stock, at an aggregate purchase price not to exceed $40 million. During the three months ended June 30, 2018, no shares were repurchased under the 2015 Program. As of June 30, 2018, the maximum number of shares remaining authorized for repurchase under the 2015 Program was 189,300. In addition to the 2015 Program, it is the Corporation’s practice to retire shares to its treasury account upon the vesting of stock awards to certain officers in order to cover the statutory income tax withholdings related to such vestings.