XML 47 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Shareholders' Equity
3 Months Ended
Mar. 31, 2014
Shareholders' Equity [Abstract]  
Shareholders' Equity

13.  Shareholders’ Equity 

 

Common Stock Repurchase 

 

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.

 

In the three months ended March 31, 2014 the Company did not purchase common stock under the repurchase program.  For the year ended December 31, 2013 the Company purchased approximately 253,000 shares for an aggregate purchase price of $1.5 million.  These shares were recorded, at cost, as part of treasury stock on the Company’s Summary Consolidated Balance Sheet.  As of March 31, 2014 and December 31, 2013 the Company had $13.5 million in remaining authorizations under the repurchase program.

 

Cash Dividends 

 

The Company initiated a quarterly cash dividend of $0.025 per share of common stock outstanding in the third quarter of 2012, and increased this dividend by 10% to $0.0275 per share of common stock outstanding in the second quarter of 2013.  The Company paid dividend payments of $772,000 and $687,000 from cash on hand for the three months ended March 31, 2014 and 2013, respectively.  The dividend payments were recorded as a reduction to retained earnings on the Company’s Summary Consolidated Balance Sheets.