XML 43 R28.htm IDEA: XBRL DOCUMENT v3.3.1.900
Share Repurchase Plan
12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Share Repurchase Plan
Share Repurchase Plan
During 2007, the Corporation’s Board of Directors approved a share repurchase program for the repurchase of up to 643,782 shares of common stock. During the nine months ended September 30, 2013, the Corporation repurchased 540,285 shares at a cost of $9.9 million under the 2007 plan. At September 30, 2013, this share repurchase plan was substantially completed.
On October 23, 2013, the Corporation’s Board of Directors approved a new stock repurchase plan for the repurchase of up to 800,000 shares of common stock, or approximately 5% of the shares outstanding. During the year ended December 31, 2014, the Corporation repurchased 110,997 shares at a cost of $2.0 million under the share repurchase program.
On May 27, 2015, the Corporation's Board of Directors approved an increase of 1,000,000 shares in the common shares available for repurchase under the Corporation's share repurchase program, or approximately 5% of the Corporation's common stock outstanding as of May 27, 2015. During the year ended December 31, 2015, the Corporation repurchased 608,757 shares of common stock at a cost of $12.0 million under the share repurchase program. Shares available for future repurchases under the plan totaled 1,080,246 at December 31, 2015. Total shares outstanding at December 31, 2015 were 19,530,930. The Corporation will repurchase shares of its common stock from time to time through open market purchases, tender offers, privately negotiated purchases or other means. The share repurchase program does not obligate the Corporation to acquire any particular amount of common stock. The program has no scheduled expiration date and the Board of Directors has the right to suspend or discontinue the program at any time.