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Shareholders' Equity
9 Months Ended
Sep. 30, 2014
Shareholders' Equity  
Shareholders' Equity

Note 9—Shareholders’ Equity

 

In January 2013, the Board of Directors authorized a stock repurchase program under which the Company may repurchase up to 20,000,000 shares of its common stock during the two year period ending January 31, 2015 (the “2013 Stock Repurchase Program”). The price and timing of any such purchases under the 2013 Stock Repurchase Program will depend on factors such as levels of cash generation from operations, the volume of stock option exercises by employees, cash requirements for acquisitions, economic and market conditions and stock price.  During the nine months ended September 30, 2014, the Company repurchased 8,527,884 shares of its common stock for $400,801.  These treasury shares have been retired by the Company and common stock and retained earnings were reduced accordingly.  Through October 31, 2014, the Company has repurchased an additional 2,900,726 shares of its common stock for $138,595.  At October 31, 2014, the Company had repurchased all shares authorized under the 2013 Stock Repurchase Program.

 

Contingent upon declaration by the Board of Directors, the Company generally pays a quarterly dividend on its common stock.  In July 2013, the Board of Directors approved an increase in the quarterly dividend rate from $0.0525 to $0.10 per share effective with the third quarter 2013 dividend and in July 2014, approved a further increase in the quarterly dividend rate from $0.10 to $0.125 per share effective with the third quarter 2014 dividend.  For the nine months ended September 30, 2014, the Company paid and declared dividends in the amount of $101,924.   For the nine months ended September 30, 2013, the Company paid dividends in the amount $33,472 and declared dividends in the amount $65,101.