SHAREHOLDERS EQUITY

3 Months Ended

Mar. 31, 2012

SHAREHOLDERS EQUITY

10. SHAREHOLDERS EQUITY

Dividends

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 cash 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 cash 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.

On August 5, 2011, the Company’s board of directors declared a quarterly cash dividend of $0.12 per share.  The dividend of $1,364,963 was paid on August 26, 2011 to shareholders of record as of August 19, 2011.

On November 7, 2011, the Company’s board of directors declared a quarterly cash dividend of $0.12 per share.  The dividend of $1,336,687 was paid on December 19, 2011 to shareholders of record as of December 5, 2011.

On March 5, 2012, the Company’s board of directors declared a quarterly cash dividend of $0.13 per share.  The dividend of $1,437,200 was paid March 26, 2012 to shareholders of record as of March 19, 2012.

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. The repurchase program was completed in December 2011.  A total of 1,184,200 shares were repurchased for $20.0 million during 2011.