Dividends and Share Repurchases

6 Months Ended

Jun. 30, 2016

Dividends and Share Repurchases

Dividends and Share Repurchases

10.    Dividends and Share Repurchases

On June 17, 2016, the Company paid $0.7 million in cash dividends, based on a dividend of $0.125 (12.5 cents) per share on its common stock, to shareholders of record at the close of business on May 27, 2016.  On March 18, 2016, the Company paid $0.7 million in cash dividends, based on a dividend of $0.125 (12.5 cents) per share on its common stock, to shareholders of record at the close of business on February 26, 2016.   

In December 2015, the Company commenced a publicly announced share repurchase program to purchase up to $10 million of its common stock.  Pursuant to that program, the Company repurchased 50,068 shares in the first quarter 2016 at a weighted-average price of $53.52 per share.  No shares were repurchased during the second quarter.  Since the commencement of the share repurchase program through June 30, 2016, the Company has repurchased 53,154 shares at a weighted-average price of $53.59 per share.