SHAREHOLDERS EQUITY

12 Months Ended

Dec. 31, 2013

Stockholders' Equity Note [Abstract]

SHAREHOLDERS EQUITY

7.           SHAREHOLDERS EQUITY

Preferred Stock

The Company has authorized 5,000,000 shares of undesignated preferred stock which can be issued in one or more series. The terms, price and conditions of the preferred shares will be set by the board of directors. No shares have been issued.

Dividends

Prior to March 2010, we had never declared cash dividends on our common stock. On March 8, 2010, our board of directors adopted a dividend policy to consider and pay annual cash dividends subject to our ability to satisfy all applicable statutory and regulatory requirements and our continued financial strength. 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. Dividend payments made for 2013, 2012 and 2011 were as follows:

Payment	Record Date	Payment Date	Dividend (per share)		Amount
Q1 2011	March 17, 2011	March 24, 2011	$	0.12	$	1,415
Q2 2011	May 23, 2011	May 31, 2011		0.12		1,429
Q3 2011	August 19, 2011	August 26, 2011		0.12		1,365
Q4 2011	December 5, 2011	December 19, 2011		0.12		1,336
Total for 2011			$	0.48	$	5,545
Q1 2012	March 19, 2012	March 26, 2012	$	0.13	$	1,437
Q2 2012	June 18, 2012	June 25, 2012		0.13		1,439
Q3 2012	September 17, 2012	September 24, 2012		0.13		1,439
Q4 2012	December 10, 2012	December 17, 2012		0.13		1,447
Total for 2012			$	0.52	$	5,762
Q1 2013	March 18, 2013	March 25, 2013	$	0.14	$	1,569
Q2 2013	June 17, 2013	June 24, 2013		0.14		1,573
Q3 2013	September 16, 2013	September 23, 2013		0.14		1,575
Q4 2013	December 9, 2013	December 16, 2013		0.14		1,577
Total for 2013			$	0.56	$	6,294

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. At December 31, 2011, the repurchase program was complete and total of 1,184,200 shares have been repurchased for $20.0 million.