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Shareholders' Equity
6 Months Ended
Jun. 30, 2013
Shareholders' Equity [Abstract]  
Shareholders' Equity

13.  Shareholders’ Equity 

 

Common Stock Repurchase 

 

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; this program expired on December 31, 2012.  In February 2013 the Company’s Board of Directors authorized the purchase of up to $15.0 million of its common stock through October 31, 2014.

 

For the six months ended June 30, 2013 the Company purchased approximately 229,000 shares for an aggregate purchase price of $1.4 million and had $13.6 million in remaining authorizations under the repurchase program.  For the year ended December 31, 2012 the Company purchased approximately 639,000 shares for an aggregate purchase price of $3.3 million.  These shares were recorded, at cost, as part of treasury stock on the Company’s Summary Consolidated Balance Sheets.  

 

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.  In May 2013 the Company announced that its Board of Directors approved a 10% increase in the quarterly cash dividend beginning in the second quarter of 2013 from $0.025 to $0.0275 per share of common stock outstanding.  The Company paid dividend payments from cash on hand of $756,000 and $1.4 million for the three and six months ended June 30, 2013, respectively, and zero for both the three and six months ended June 30, 2012.  The dividend payments were recorded as a reduction to retained earnings on the Company’s Summary Consolidated Balance Sheet.