Common Stock

6 Months Ended

Jun. 30, 2011

Common Stock

Common Stock

(9) Common Stock

Effective October 2010, the Company's Board of Directors approved the continuation of common stock repurchases under Board authorizations originally providing for the repurchase of up to 1,000,000 shares of the Company's common stock.  Shares may be purchased at prevailing market prices in the open market or in private transactions, subject to market conditions, share price, trading volume and other factors. The repurchase program may be discontinued at any time. The Company repurchased 117,377 shares of its common stock during the fourth quarter of 2010 and did not repurchase any shares of its common stock during the six months ended June 30, 2011. The repurchase program has been funded to date using cash on hand. As of June 30, 2011, 305,540 shares were available for repurchase under the authorizations. The Company resumed repurchases under the program in July 2011, and purchased an additional 118,486 shares through July 31, 2011 at an average price of $15.12 per share. On July 26, 2011, the Board authorized the repurchase of an additional 500,000 shares under the program. As of July 31, 2011, 687,054 shares were available for repurchase under the authorizations.  

On February 23, 2011, the Company's Board of Directors approved the initiation of a quarterly dividend policy and authorized the first dividend of $0.10 per share payable April 15 to shareholders of record as of March 31, resulting in the payment of $950,000 in the second quarter. On June 15, 2011, the Board approved a dividend of $0.10 per share to shareholders of record as of June 30 payable July 15. The condensed consolidated balance sheet as of June 30, 2011 reflects an associated current liability of $959,000 in dividends payable with an offsetting charge to retained earnings. On July 26, 2011, the Board declared a third dividend of $0.10 per share to shareholders of record on September 1 payable on September 15, 2011.