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6. Stockholders' Equity
12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Stockholders' Equity

Our Board of Directors has at various times authorized repurchases of our stock in open-market or privately-negotiated transactions at such times and at such prices as management may from time to time determine. On August 16, 2011, our Board of Directors adopted a stock repurchase program pursuant to which we repurchased 200,000 shares of our common stock from time to time in open market or privately-negotiated transactions, which was the maximum number of shares that could be repurchased. On May 21, 2015 our Board of Directors adopted a new stock repurchase program authorizing the repurchase of up to 250,000 shares of our common stock in open market or privately-negotiated transactions. This program has no expiration date but may be terminated by the Board of Directors at any time. As of December 31, 2017, there remained 231,765 shares available for repurchase under this program. There were no stock repurchases during 2017. We repurchased 3,427 and 89,452 shares during 2016 and 2015, respectively.

 

We increased our quarterly cash dividend payments in September of each of the past three years. The quarterly dividend was increased to $.90 per share in September 2015, to $1.05 per share in September 2016 and to $1.20 per share in September 2017. Holders of our stock units earned non-cash dividend equivalents of $27,000 in 2017, $40,000 in 2016 and $46,000 in 2015.