Subsequent Events

6 Months Ended

Jun. 30, 2016

Subsequent Events

Subsequent Events

Note 14. Subsequent Events

Dividend Declaration

On July 27, 2016, the Company’s Board of Directors declared a cash dividend of $0.06 per share, payable on August 31, 2016, to shareholders of the Company’s common stock as of August 15, 2016.

Amendment to Stock Repurchase Program

On July 22, 2016, the Company announced it had amended its previously announced program for the repurchase of up to $5.0 million of its outstanding common stock pursuant to a written plan compliant with Rule 10b5-1 and Rule 10b-18.  Under the amended program, repurchase activity may commence on August 6, 2016 and may continue until February 8, 2017, the program’s new expiration date, or expire earlier upon the completion of the repurchase of $5.0 million of the Company’s common stock in addition to what has already been purchased under the program, as well as under certain other circumstances as set forth in the amended program.  The Company has no obligation to repurchase any shares under this program, and may suspend or discontinue it at any time.  All shares repurchased as part of the repurchase program will be cancelled, and therefore no longer available for reissuance.