Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.20.1
Shareholders' Equity
3 Months Ended
Mar. 31, 2020
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders' Equity

During each quarter of 2019 and the first quarter of 2020, 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, the Company's Board of Directors canceled 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 canceled.  The Company is not obligated to repurchase any specific number of shares and may suspend or cancel the plan at any time. The Company does not expect to repurchase any shares under this plan during the second quarter of 2020.

The following tables summarize the Company's share repurchases for the three months ended March 31, 2020 and 2019.

Three months ended

March 31, 2020

March 31, 2019

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

2019 Repurchase Plan
268

15,259

56.93


162

10,331

63.66

Total
268

$
15,259

$
56.93


230

$
14,181

$
61.69

 
 
 
 
 
 
 
 
As of March 31, 2020, 3,887 shares were available to be purchased under the 2019 Plan.