Dividends and Share Repurchases

3 Months Ended

Mar. 31, 2017

Dividends and Share Repurchases

Dividends and Share Repurchases

10.    Dividends and Share Repurchases

On March 17, 2017, the Company paid $0.8 million in cash dividends, based on a dividend of $0.135 (13.5 cents) per share on its common stock, to shareholders of record at the close of business on February 24, 2017.    

In December 2015, the Company commenced a publicly announced share repurchase program to purchase up to $10 million of its common stock.  Pursuant to that program, the Company repurchased 50,068 shares in the first quarter 2016 at a weighted-average price of $53.52 per share.  In November 2016, the Company announced a 12-month extension of the repurchase program to repurchase up to the approximately $7.2 million of its common stock remaining under the program.  No shares have been repurchased under the program since the first quarter 2016.  Since the commencement of the share repurchase program through March 31, 2017, the Company has repurchased 53,154 shares at a weighted-average price of $53.59 per share.