Shareholders' Equity

12 Months Ended

Dec. 31, 2016

Shareholders' Equity [Abstract]

Shareholders' Equity

Note 14:  Shareholders’ Equity

We have reserved for issuance 150,000 shares of common stock pursuant to the terms of the Employee Stock Purchase Plan. The Employee Stock Purchase Plan allows our employees to acquire additional common shares through payroll deductions. From July 1999 to August 2009, shares issued out of this plan came from treasury shares, subsequent shares issued came from the reserved shares. As of December 31, 2016,  61,115 total shares had been issued and 52,500total treasury shares had been reissued under this plan. As of December 31, 2015, 59,873 total shares had been issued and 52,500total treasury shares had been reissued under this plan.

We have reserved 800,000 shares of common stock pursuant to the terms of the 2008 Stock Plan. The 2008 Stock Plan provides selected key employees with the opportunity to acquire common stock. As of December 31, 2016, 603,545 new shares had been issued and 25,725 treasury shares had been reissued by the 2008 Stock Plan.As of December 31, 2015,  512,101 new shares had been issued and  25,725 treasury shares had been reissued by the 2008 Stock Plan.

Stock Repurchase Program – On May 25, 2016, the Board authorized our fourth stock repurchase program since August 2014. The program authorizes the repurchase of up to another 5.0%, or approximately 921,000 shares, of our outstanding common stock and became effective February 23, 2017, which was the original expiration date of the third program. During 2016, we repurchased 1,398,026 shares for a total of $22.1million, and since August 2014, we have repurchased a total of 2,519,584 shares for a total of  $40.8 million. Repurchases under the program are available at the discretion of management based upon market, business, legal, and other factors. Our ability to repurchase our common stock is limited during the time that the Merger is pending.