Shareholders' Equity

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Shareholders’ Equity

Shareholders’ Equity

Shareholders’ equity increased$20.4 million to $138.5 million at December 31, 2018 compared to $118.1 million at December 31, 2017, primarily due to net income of $21.9 million. Other items impacting shareholders’ equity included $2.8 million in dividends paid on common stock, $1.6 million from the issuance of common stock under employee benefit plans and $328 thousand in accumulated other comprehensive loss net of tax. The issuance of common stock under employee benefit plans includes nonqualified stock options and restricted stock expense related entries, employee option exercises and the tax benefit of options exercised.

Repurchase Plan

On October 21, 2002, the Company authorized the repurchase of up to 10 percent of its outstanding common stock.  The amount and timing of purchases is dependent upon a number of factors, including the price and availability of the Company’s shares, general market conditions and competing alternate uses of funds.  As of December 31, 2018, the Company had repurchased a total of 556 thousand shares, of which 131 thousand shares have been retired, leaving 153 thousand shares remaining to be repurchased under the plan.  There were no shares repurchased during 2018 or 2017.