Capital Management

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

Capital Management

20. Capital Management

The Company’s Board of Directors initiated a share repurchase program in February 2010. In October 2016, the Board reauthorized this program with a limit of $25.0 million with no expiration date. There were no shares repurchased under this program in 2019. Since the beginning of this plan, the Company has repurchased a total of 1,258,250 shares for $22.4 million, or an average price of $17.78, including commissions.

In 2013, the Company’s Board of Directors initiated a regular quarterly dividend.  During 2019, the Company’s Board of Directors declared a quarterly dividend of $0.25 per share compared to $0.22 per share in 2018, $0.20 per share in 2017, $0.18 per share in 2016, and $0.15 per share in 2015.  The Company declared extraordinary dividends totaling $3.50  per share in 2019, 2018 and 2017, $3.25 per share in 2016, and $3.00 per share in 2015.