Stockholders' Equity

9 Months Ended

Sep. 30, 2017

7.	*Stockholders’ Equity*

On August 30, 2016, the Company’s Board of Directors (the “Board”) 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 the three and nine months ended September 30, 2017, the Company purchased an aggregate of 35,709 and 168,917 shares of common stock, respectively, for approximately $641,000 and $3,178,000, or an average price of $17.95 and $18.81 per share, respectively. From the inception of the share repurchase program in August 2016 through September 30, 2017, the Company purchased an aggregate of 223,093 shares of common stock for approximately $4,322,000 or an average price of $19.37 per share. During both the three and nine months ended September 30, 2016, the Company purchased an aggregate of 18,127 shares of common stock for approximately $358,000.

The Company declared and paid a quarterly cash dividend of $0.17 per common share for the first, second and third quarters of 2017 and 2016. Dividend payments aggregated approximately $1,974,000 and $5,912,000 for the three and nine months ended September 30, 2017, respectively, and $1,937,000 and $5,813,000 in the three and nine months ended September 30, 2016, respectively.