Shareholders' equity

9 Months Ended

Sep. 30, 2017

Shareholders' equity [Abstract]

Shareholders' equity

5. Shareholders' equity

Changes in shareholders' equity for the nine months ended September 30, 2017 were as follows (in thousands):

Balance at December 31, 2016	$	24,109
Net income		3,623
Share-based compensation expense		484
Issuance of shares from exercise of stock options		294
Foreign currency translation adjustment		10
Relinquishment of stock options upon exercise and fully vested deferred stock units		(23	)
Reversal of deferred tax asset in connection with stock options forfeited		(110	)
Purchase of common stock for treasury		(358	)
Dividends declared and paid on common stock		(1,911	)
Balance at September 30, 2017	$	26,118

For the three months ended September 30, 2017, our Board of Directors declared a quarterly cash dividend of $0.09 per share, totaling $661,000, which was paid in September 2017 to common shareholders of record at the close of business on August 21 2017.  For the three months ended September 30, 2016, dividends declared and paid totaled $595,000, or $0.08 per share.  For the nine months ended  September 30, 2017 and 2016, dividends declared and paid totaled $1,911,000, or $0.26 per share, and $1,827,000, or $0.24 per share, respectively.