Capital Management

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

Capital Management

19. 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 2021. 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 2021, the Company’s Board of Directors declared a quarterly dividend of $0.29 per share compared to $0.27 per share in 2020, and $0.25 per share in 2019.  The Company declared extraordinary dividends totaling $4.00 in 2021, and $3.50 per share in each of 2020 and 2019.