Shareholders' Equity

9 Months Ended

Sep. 30, 2020

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 down to 160,000 shares. During the nine months ended September 30, 2020, 4,400 shares were repurchased at an average price of $71.41 per share, compared to 4,002 shares at an average price of $72.57 per share during the same period in 2019. In the first quarter of 2019, the Company also repurchased 88 shares at an average price of $74.03 under a Non-discretionary Stock Repurchase Plan that expired in 2019.

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

On May 5, 2020, the Board of Directors declared a semi-annual dividend of $0.52 per share payable on June 15, 2020 to shareholders of record as of June 1, 2020. On May 7, 2019, the Board of Directors declared a semi-annual dividend of $0.50 per share payable on June 17, 2019 to shareholders of record as of June 3, 2019.

Subsequent to the end of the third quarter 2020, on November 2, 2020, the Board of Directors declared a semi-annual dividend of $0.52 per share payable on December 15, 2020 to shareholders of record as of December 1, 2020.