Stockholders' Equity

6 Months Ended

Jun. 30, 2018

8.	*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 six months ended June 30, 2018, the Company purchased an aggregate of 2,000 shares of common stock, for approximately $36,000, or an average price of $17.81 per share. From the inception of the share repurchase program in August 2016 through June 30, 2018, the Company purchased an aggregate of 238,204 shares of common stock for approximately $4,601,000, or an average price of $19.31 per share. During the three and six months ended June 30, 2017, the Company purchased an aggregate of 54,768 and 133,208 shares of common stock for approximately $1,030,000 and $2,537,000, respectively.

The Company declared and paid a quarterly cash dividend of $0.19 per common share for the first and second quarters of 2018. Dividend payments aggregated approximately $2,217,000 and $4,433,000 for the three and six months ended June 30, 2018, respectively. The Company declared and paid a quarterly cash dividend of $0.17 per common share for the first and second quarters of 2017. Dividend payments aggregated approximately $1,971,000 and $3,942,000 for the three and six months ended June 30, 2017, respectively.