Common Stock Repurchases And Dividends

9 Months Ended

Sep. 30, 2011

Common Stock Repurchases And Dividends [Abstract]

Common Stock Repurchases And Dividends

(9)Common Stock Repurchases and Dividends

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. The Company did not purchase any shares during the first half of 2011, but resumed repurchases under the program in July 2011, and purchased an additional 292,079 shares through September 30, 2011 at an average price of $14.25 per share. On July 26, 2011, the Board authorized the repurchase of an additional 500,000 shares under the program. The repurchase program has been funded to date using cash on hand. As of September 30, 2011, 513,461 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 totaling $959,000. 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 totaling $936,000, resulting in the cash payment of two quarterly dividends in the third quarter. On October 7, 2011, the Board declared a dividend of $0.17 per share to shareholders of record as of November 30, 2011, payable December 15, 2011.