Stockholders' Equity

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Between December 2008 and August 2011, the Company’s Board of Directors (the “Board”) authorized the repurchase of up to an aggregate amount of $5,000,000 of the Company’s common stock, of which approximately $551,000 remained available for repurchases as of September 30, 2014 and December 31, 2013. Although the Company has remaining availability under a prior authorization, such authorization was at a time when the Company’s stock price and cash position were significantly different than where they were at September 30, 2014. As a result, management would probably seek a new authorization from the Board if the Company were to consider stock repurchases in the future. During the three and nine months ended September 30, 2014 and 2013, the Company did not repurchase any shares of common stock.

The Company commenced a quarterly dividend program in the second quarter of 2014 when it declared and paid an initial quarterly cash dividend of $0.11 per common share to common shareholders of record during the second quarter of 2014. In the third quarter of 2014, the Company declared and paid a quarterly cash dividend of $0.11 per common share to common stockholders of record at the close of business on September 10, 2014. Aggregate dividends paid during the three and nine months ended September 30, 2014 were $1,233,000 and $2,462,000, respectively. Although the Company anticipates paying a quarterly dividend hereafter, future dividends are subject to approval by the Board. The Company did not declare or distribute any dividends during the three and nine months ended September 30, 2013.