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Common Shareholders' Equity
9 Months Ended
Jun. 30, 2014
Common Shareholders' Equity
Common Shareholders’ Equity
Common Stock
Holders of our common stock are entitled to receive dividends when and as declared by our Board of Directors and have the right to one vote per share on all matters requiring shareholder approval. On December 20, 2013, March 31, 2014 and June 30, 2014, we paid cash dividends of $0.10 per share to common stockholders of record as of December 10, 2013, March 17, 2014 and June 20, 2014, respectively, totaling approximately $7.4 million.
Share Repurchase Program
On December 20, 2011, our Board of Directors authorized the repurchase of up to $25.0 million of our common stock in the open market or through privately negotiated transactions. The timing and actual number of shares purchased will depend on a variety of factors such as price, corporate and regulatory requirements and prevailing market conditions. We may terminate or limit the share repurchase program at any time without prior notice. During the three months ended June 30, 2014, we purchased 89,252 shares at an average price per share of $11.31 and a total cost of approximately $1.0 million. During the nine months ended June 30, 2014, we purchased 120,252 shares at an average price per share of $11.79 and a total cost of approximately $1.4 million. As of June 30, 2014, we have purchased 825,252 shares at an average price per share of $10.50 and a total cost of approximately $8.7 million under this program.