Shareholders' Equity

12 Months Ended

Dec. 31, 2016

Shareholders' Equity [Abstract]

Shareholders' Equity

15.  Shareholders’ Equity

Cash Dividends 

The Company initiated a cash dividend in the third quarter of 2012 and paid the dividend quarterly until the Company’s Board of Directors discontinued dividend payments for the foreseeable future in December 2015.  The Company paid dividend payments from cash on hand of $3.4 million for the year ended December 31, 2015.  The dividend payments were recorded as a reduction to retained earnings on the Company’s Consolidated Balance Sheet.

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.