XML 43 R28.htm IDEA: XBRL DOCUMENT v3.3.1.900
Common Stock
12 Months Ended
Dec. 31, 2015
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]  
Common Stock
Common Stock
Quarterly cash dividends were paid aggregating to $5.1 million, $4.8 million, and $4.2 million, or $0.74 per share, $0.70 per share, and $0.64 per share, in 2015, 2014, and 2013, respectively.  On February 25, 2016, the Board of Directors declared a $0.19 per share cash dividend payable on March 18, 2016, to shareholders of record on March 10, 2016.  Federal and State regulations place certain limitations on the payment of dividends by the Company.
In September 2002, the Company’s Board of Directors approved a plan whereby it would periodically repurchase for cash up to approximately 5% of its shares of common stock in the open market. At December, 31, 2015, there are 227,242 shares available under the stock repurchase program. The Company intends to continue to repurchase its stock from time to time depending upon market conditions. The Company can make no assurances that it will continue this program or that it will repurchase all of the authorized shares.  No repurchases occurred during 2015 and 2014.