Shareholders' Equity

9 Months Ended

Sep. 30, 2022

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 150,000 shares.

On May 2, 2022, the Board of Directors amended the plan to further authorize repurchases down to from the previous number of 160,000 to 150,000 shares. This authorization has no expiration date. During the nine months ended September 30, 2022, there were 9,529 shares repurchased at an average price of $106.84 per share, compared to 2,038 shares at an average price of $110.45 per share during the same periods in 2021.  

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

On May 2, 2022, the Board of Directors declared a semi-annual dividend of $0.67 per share payable on June 15, 2022 to shareholders of record as of June 1, 2022. On May 4, 2021, the Board of Directors declared a semi-annual dividend of $0.58 per share payable on June 15, 2021 to shareholders of record as of June 1, 2021.

Subsequent to the end of the third quarter of 2022, on November 7, 2022, the Board of Directors declared a semi-annual dividend of $0.67 per share payable on December 15, 2022 to shareholders of record as of December 1, 2022.