Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Stockholders' Equity

7. Stockholders’ Equity

On August 30, 2016, the Company’s Board of Directors authorized a repurchase program of shares of the Company’s common stock up to an aggregate of $5,000,000. Purchases under the program may be made from time to time in the open market or through privately negotiated transactions. Depending on market conditions, financial developments and other factors, these purchases may be commenced or suspended at any time, or from time to time, without prior notice and may be expanded without prior notice. The Company may make purchases pursuant to a trading plan under Securities Exchange Act Rule 10b5-1, permitting open market purchases of common stock during blackout periods.

During both the three and nine months ended September 30, 2016, the Company purchased an aggregate of 18,127 shares of common stock, at an average price of $19.75 per share, leaving approximately $4,642,000 at September 30, 2016 that may be used to purchase additional shares under the repurchase program. During the year ended December 31, 2015, the Company did not repurchase any shares of its common stock.

The Company declared and paid a quarterly dividend of $0.14 per common share for all four quarters of 2015 and increased the dividend declared and paid in the first, second and third quarters of 2016 to $0.17 per common share. Dividends paid by the Company aggregated approximately $1,937,000 and $5,813,000 in the three and nine months ended September 30, 2016, respectively, and $1,585,000 and $4,750,000 for the three and nine months ended September 30, 2015, respectively.