Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

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Shareholders' Equity
9 Months Ended
Sep. 30, 2018
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
Shareholders' Equity

During each quarter of 2017 and through the third quarter of 2018, our Board of Directors declared a cash dividend of $0.15 per share of common stock. The Company expects to continue to pay regular quarterly cash dividends, though each subsequent quarterly dividend is subject to review and approval by the Board of Directors.

On July 21, 2016, our Board of Directors approved a stock repurchase authorization for up to three million shares of the Company’s common stock. The following table summarizes our share repurchases for the three and nine months ended September 30, 2018 and 2017.
 
Three months ended
 
Nine months ended
 
September 30, 2018
 
September 30, 2017
 
September 30, 2018
 
September 30, 2017
Shares repurchased
267,451

 
579,769

 
764,617

 
826,633

Cost of shares repurchased
$
16,820

 
$
29,988

 
$
44,985

 
$
41,983

Average cost per share
$
62.89

 
$
51.72

 
$
58.83

 
$
50.79



As of September 30, 2018, 1,054,048 shares were available to be purchased under the 2016 Plan.