Stockholders' Equity

12 Months Ended

Dec. 31, 2012

Stockholders' Equity

Note 9:  Stockholders’ Equity

The Company has never paid a cash dividend on its Common Stock. The Company’s Credit Agreement does not permit the payment of cash dividends on its Common Stock.

In October 1998, the Company initiated a stock repurchase program to repurchase up to 315,000 shares of its outstanding Common Stock in open market transactions at market prices. The Company is authorized to repurchase 45,100 remaining shares of Common Stock under this program as of December 31, 2012.

The Company has 1,980,000 authorized shares of Senior Preferred Stock. At December 31, 2012 and 2011, there were no preferred shares issued or outstanding.

	Common shares outstanding			Common Stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss			Treasury shares		Treasury Stock
(dollars in thousands)
Balance at January 1, 2010		6,773,104		$	7	$	38,776	$	107,134	$	(32	)		270,795	$	(1,659	)
Common Stock issuance under Employee Stock Purchase Plan		9,865			-		137		-		-			-		-
Exercise of stock options		40,550			-		466		-		-			-		-
Share-based compensation		-			-		1,819		-		-			-		-
Tax benefit on share-based compensation		-			-		143		-		-			-		-
Net income		-			-		-		13,242		-			-		-
Net loss on derivative instruments, net of tax		-			-		-		-		(150	)		-		-
Purchase of Treasury Stock		(12,055	)		-		-		-		-			12,055		(260	)
Balance at December 31, 2010		6,811,464			7		41,341		120,376		(182	)		282,850		(1,919	)
Common Stock issuance under Employee Stock Purchase Plan		8,551			-		252		-		-			-		-
Exercise of stock options		27,500			-		375		-		-			-		-
Share-based compensation		-			-		1,580		-		-			-		-
Tax benefit on share-based compensation		-			-		172		-		-			-		-
Net income		-			-		-		18,122		-			-		-
Net income on derivative instruments, net of tax		-			-		-		-		182			-		-
Balance at December 31, 2011		6,847,515			7		43,720		138,498		-			282,850		(1,919	)
Common Stock issuance under Employee Stock Purchase Plan		9,578			-		307		-		-			-		-
Exercise of stock options		72,050			-		1,301		-		-			-		-
Issuance of Restricted Common Stock		35,000			-		34		-		-			-		-
Share-based compensation		-			-		1,615		-		-			-		-
Tax benefit on share-based compensation		-			-		335		-		-			-		-
Purchase of Treasury Stock		(5,831	)		-		-		-		-			5,831		(234	)
Net income		-			-		-		14,617		-			-		-
Balance at December 31, 2012		6,958,312		$	7	$	47,312	$	153,115	$	-			288,681	$	(2,153	)