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Shareholders' Equity
9 Months Ended
Sep. 30, 2012
Shareholders' Equity [Abstract]  
Shareholders' Equity

14.  Shareholders’ Equity 

 

Common Stock Repurchase 

 

On June 1, 2010 the Company announced that its Board of Directors had authorized the purchase of up to $15.0 million of its common stock over the course of the following two years.  On November 1, 2011 the Company announced that its Board of Directors had authorized the Company’s purchase of $15.0 million of its common stock through December 31, 2012, which included approximately $7.7 million remaining from the June 1, 2010 repurchase program and an additional $7.3 million, for a total authorization of $22.3 million.  The purchase of shares may be made from time to time in the open market or through privately negotiated transactions, on such terms as management deems appropriate, and will be dependent upon various factors, including: price, regulatory requirements, and other market conditions.   

 

For the nine months ended September 30, 2012 the Company purchased approximately 639,000 shares for an aggregate purchase price of $3.3 million.  For the year ended December 31, 2011 the Company purchased approximately 593,000 shares for an aggregate purchase price of $2.9 million.  These shares were recorded, at cost, as part of treasury stock on the Company’s Summary Consolidated Balance Sheets.   

 

As of September 30, 2012 the Company had purchased a total of 2.3 million shares for an aggregate purchase price of $12.0 million and had $10.3 million in remaining authorizations under these programs. 

 

Treasury Stock 

 

On August 7, 2012 the Company retired 2.7 million shares of treasury stock with an aggregate value of $15.1 million.  The retirement was recorded as a reduction of $15.1 million in treasury stock, $27,000 in common stock, and approximately $15.1 million in additional paid in capital.  These shares remain available for issuance as authorized unissued shares. 

 

Cash Dividends 

 

            On August 21, 2012 the Company announced that its Board of Directors had approved the initiation of a quarterly cash dividend of $0.025 per share of common stock outstanding.  The initial quarterly cash dividend of $0.025 per share was paid on September 21, 2012 to all common stockholders of record as of September 14, 2012.  The dividend payment of $686,000 was paid from cash on hand and was recorded as a reduction to retained earnings on the Company’s Summary Consolidated Balance Sheet.  The Company currently anticipates paying the quarterly dividends in March, June, September, and December of each year.