Stock Repurchase Plan

3 Months Ended

Mar. 31, 2017

Stockholders' Equity Note [Abstract]

Stock Repurchase Plan

Stock Repurchase Plan

On April 26, 2001, the Company announced that its Board of Directors approved a stock repurchase program for up to 911,631 of the outstanding shares of common stock of the Company (as adjusted for subsequent stock dividends and splits). Shares may be purchased from time to time in the open market and in large block privately negotiated transactions. The Company is not obligated to purchase any shares under the program, and the program may be discontinued at any time before the maximum number of shares specified by the program are purchased. The Board of Directors established no expiration date for this program. As of March 31, 2017, the Company had purchased 502,447 shares under the program (as adjusted for subsequent stock dividends and splits). No shares were purchased under the program during the three months ended March 31, 2017 and 2016.