15. Capital Program

12 Months Ended

Dec. 31, 2016

Capital Program

15. Capital Program

In May 2016, the Company implemented a capital return program that included a stock repurchase program and a quarterly dividend.  Under the program, the Company’s Board of Directors approved the repurchase of up to 500,000 shares of the Company's common stock pursuant to a stock repurchase plan in conformity with the provisions of Rule 10b5-1 and Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended.  The repurchase program has no termination date.  Pursuant to the program, the Company’s Board of Directors approved three quarterly dividends of $0.09 per share of the Company's common stock.  The dividends were paid on June 17, 2016, September 16, 2016 and January 13, 2017 to shareholders of record as of June 1, 2016, September 1, 2016 and January 3, 2017, respectively.