Shareholders' Equity

12 Months Ended

Dec. 31, 2015

Shareholders' Equity [Abstract]

Shareholders' Equity

14.  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.  During the year ended December 31, 2014 the Company purchased approximately 585,000 shares for an aggregate purchase price of $5.6 million.  These shares were recorded, at cost, as treasury stock on the Company’s Consolidated Balance Sheets.  During 2015 the Company did not repurchase any common stock under a repurchase program, and no formal repurchase program was in effect during that period.

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 in the second quarter of 2013 and $0.03 per share in the second quarter of 2014.  The Company paid dividend payments from cash on hand of $3.4million and $3.3 million for the years ended December 31, 2015 and 2014, respectively.  The dividend payments were recorded as a reduction to retained earnings on the Company’s Consolidated Balance Sheets.  In December 2015 the Company’s Board of Directors discontinued dividend payments for the foreseeable future.

Shareholder Rights Plan

The Company had a shareholder rights agreement entered into in 1995 and amended in 2005.  Under the rights agreement, each share of the Company's common stock outstanding on December 11, 1995 was entitled to one “Right,” as defined in, and subject to, the terms of the rights agreement.  A Right entitled the registered holder to purchase from the Company one one-hundredth of a share of Series A Junior Participating Preferred Stock (“Series A Stock”) of the Company at $33.33 per one one-hundredth of a Preferred Share, subject to adjustment.  Additionally, each common share that became outstanding after December 11, 1995 was also entitled to a Right, subject to the terms and conditions of the rights agreement.  The shareholder rights agreement expired on November 23, 2015.