Shareholders' Equity

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Note 5. Shareholders' Equity

The Company has a Discretionary Stock Repurchase Plan approved by the Board of Directors that authorizes management to reduce issued and outstanding common stock. The Board of Directors last amended the plan on February 20, 2023 to authorize repurchases down from 150,000 to 140,000 shares. This authorization has no expiration date. During the nine months ended September 30, 2023, there were 10,522 shares repurchased at an average price of $113.97 per share, compared to 9,529 shares repurchased at an average price of $106.84 during the same period in 2022.

Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented.

On May 1, 2023, the Board of Directors declared a semi-annual dividend of $.69 per share payable on June 15, 2023 to shareholders of record as of June 1, 2023. On May 2, 2022, the Board of Directors declared a semi-annual dividend of $.67 per share payable on June 15, 2022 to shareholders of record as of June 1, 2022.

Subsequent to the end of the third quarter of 2023, on November 6, 2023, the Board of Directors declared a semi-annual dividend of $0.69 per share payable on December 15, 2023 to shareholders of record as of December 1, 2023.