Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.19.2
Shareholders' Equity
6 Months Ended
Jun. 30, 2019
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders' Equity

During the first, second and third quarter of 2018, the Company's Board of Directors declared a cash dividend of $0.15 per share of common stock. During the fourth quarter of 2018 and the first and second quarter of 2019, the Company's Board of Directors declared a cash dividend of $0.18 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, the Company's Board of Directors approved a stock repurchase authorization for up to 3,000 shares of the Company’s common stock (the "2016 Repurchase Plan"). On February 5, 2019, our Board of Directors cancelled the Company’s 2016 Repurchase Plan and approved a new stock repurchase plan authorizing up to 5,000 shares of the Company’s common stock (the “2019 Repurchase Plan”) that shall remain in effect until such time as the shares authorized for repurchase are exhausted or the plan is cancelled.  The Company is not obligated to repurchase any specific number of shares and may suspend or cancel the plan at any time.

The following tables summarize our share repurchases for the three and six months ended June 30, 2019 and 2018.

Three months ended

June 30, 2019

June 30, 2018

Shares repurchased
Cost of shares repurchased
Average cost per share

Shares repurchased
Cost of shares repurchased
Average cost per share










2016 Repurchase Plan

$

$


133

$
8,172

$
61.50

2019 Repurchase Plan
407

24,436

60.05





Total
407

$
24,436

$
60.05


133

$
8,172

$
61.50

 
Six months ended
 
June 30, 2019
 
June 30, 2018
 
Shares repurchased
Cost of shares repurchased
Average cost per share
 
Shares repurchased
Cost of shares repurchased
Average cost per share
 
 
 
 
 
 
 
 
2016 Repurchase Plan
68

$
3,850

$
56.97

 
497

$
28,165

$
56.65

2019 Repurchase Plan
569

34,767

61.08

 



Total
637

$
38,617

$
60.65

 
497

$
28,165

$
56.65


As of June 30, 2019, 4,431 shares were available to be purchased under the 2019 Plan.