SHAREHOLDERS EQUITY

6 Months Ended

Jun. 30, 2011

SHAREHOLDERS EQUITY

10.           SHAREHOLDERS EQUITY

Comprehensive Income

The Company had comprehensive income of $6.6 million and $1.3 million for the three months ended June 30, 2011 and 2010, respectively, and comprehensive income of $14.9 million and $1.3 million for the six months ended June 30, 2011 and 2010, respectively.  Components of the Company’s other comprehensive income consist primarily of foreign currency translation adjustments.

Dividends

On March 8, 2010, the Company’s board of directors adopted a dividend policy to consider and pay annual cash dividends subject to the Company’s ability to satisfy all applicable statutory requirements and the Company’s continued financial strength, and declared the first such annual cash dividend of $.10 per share of common stock.  The dividend of $1,163,000 was paid on March 25, 2010 to shareholders of record as of March 18, 2010.  On March 7, 2011, the Company’s board of directors declared an annual cash dividend of $0.12 per share.  The dividend of $1,415,000 was paid on March 24, 2011 to shareholders of record as of March 17, 2011.  On May 10, 2011, the Company’s board of directors approved a dividend policy to consider and pay quarterly dividends on its common stock subject to the Company’s ability to satisfy all applicable statutory requirements and the Company’s continued financial strength, replacing the previous policy of paying annual cash dividends.  In conjunction with this new policy the board of directors declared the first such quarterly dividend of $0.12 per share.  The dividend of $1,429,206 was paid on May 31, 2011 to shareholders of record as of May 23, 2011.

Stock Repurchase Program

In May 2011, the Company’s board of directors authorized the repurchase of up to $20.0 million of shares of its common stock.  Through June 30, 2011, a total of 65,800 shares have been repurchased for $1.1 million.