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2. Significant Events and Transactions
6 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
NOTE 2 - Significant Events and Transactions

In June 2017, the Company changed its capital return program, authorizing the repurchase of 500,000 shares of the Company's common stock in addition to the 500,000 shares originally authorized, for a total repurchase authorization of 1 million shares, 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.  In addition, pursuant to the capital return program, the Company’s Board of Directors declared a quarterly dividend of $0.02 per share of the Company's common stock on June 14, 2017 to shareholders of record as of June 30, 2017. These dividends were paid on July 17, 2017.

 

On June 15, 2017, the Company’s shareholders approved the 2017 incentive compensation plan. Under the plan, the Company’s compensation committee of the Board of Directors granted to each non-employee director an award of restricted stock units (“RSUs”) equal to $20, with the number of RSUs calculated based on the Company’s common stock price on the date of grant. The RSUs vest in full twelve months after the grant date, subject to continued service as a director through the vesting date. The shares underlying the RSU awards are not issued until the RSUs vest in full. Upon vesting, each RSU converts into one share of the Company’s common stock.