Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

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Shareholders' Equity
9 Months Ended
Sep. 30, 2020
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders' Equity
During the fourth quarter of 2020, the Company’s Board of Directors declared a cash dividend of $0.21 per share of common stock. During each quarter of 2019 and the first, second and third 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 the repurchase of 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 third quarter of 2020.

The following tables summarize the Company's share repurchases for the three and nine months ended September 30, 2020 and 2019 (shares and dollars in thousands, except average cost per share).
Three months ended
September 30, 2020 September 30, 2019
Shares repurchased Cost of shares repurchased Average cost per share Shares repurchased Cost of shares repurchased Average cost per share
2019 Repurchase Plan 519  $ 29,990  $ 57.84  152  $ 9,289  $ 61.01 
Total 519  $ 29,990  $ 57.84  152  $ 9,289  $ 61.01 
Nine months ended
September 30, 2020 September 30, 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 787  45,248  57.53  721  44,056  61.07 
Total 787  $ 45,248  $ 57.53  789  $ 47,906  $ 60.72 
As of September 30, 2020, 3,368 shares were available to be purchased under the 2019 Plan.