Stockholders' Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

During the years ended December 31, 2014, 2013 and 2012, 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 in June 2014. In the third and fourth quarters of 2014, the Company declared and paid a quarterly cash dividend of $0.11 per common share in each of September 2014 and December 2014. Aggregate dividends paid by the Company during 2014 approximated $3,698,000. On February 2, 2015, the Company announced that it has increased the dividend payable on March 18, 2015 to $0.14 per common share. 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 years ended December 31, 2013 and 2012.