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Shareholders' Equity
6 Months Ended
Jun. 30, 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 six months ended June 30, 2014 the Company purchased approximately 227,000 shares for an aggregate purchase price of $2.0 million.  As of June 30, 2014 the Company had $11.5 million in remaining authorizations 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 Sheets.  

 

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 to $0.0275 per share of common stock outstanding in the second quarter of 2013.  In May 2014 the Board of Directors approved an increase in the quarterly cash dividend to $0.03 per share of common stock outstanding for the second quarter 2014.  The Company paid dividend payments of $838,000 and $1.6 million from cash on hand for the three and six months ended June 30, 2014, respectively, and $756,000 and $1.4 million for the three and six months ended June 30, 2013, respectively.  The dividend payments were recorded as a reduction to retained earnings on the Company’s Summary Consolidated Balance Sheets.