Quarterly report pursuant to Section 13 or 15(d)

Treasury Stock

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Treasury Stock
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Treasury Stock

Note 9. Treasury Stock

In August 2017, the Company’s Board of Directors (the Board) approved a share repurchase program pursuant to which the Company may purchase up to $7.0 million of shares of its common stock over the twelve month period following the establishment of the program.  The repurchases under the share repurchase program are made from time to time in the open market or in privately negotiated transactions and are funded from the Company’s working capital. Repurchases will be made in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended, subject to market conditions, available liquidity, cash flow, applicable legal requirements and other factors.  All shares of common stock repurchased under the Company’s share repurchase program will be returned to the status of authorized but unissued shares of common stock.  On August 7, 2018, the Board approved an extension to the existing share repurchase program for an additional twelve month period ending August 14, 2019.

During the three and nine months ended September 30, 2018, the Company repurchased 42,995 and 193,523 shares of common stock, respectively, under the share repurchase program.  For the three months ended September 30, 2018, the shares were repurchased at an average price per share of $11.95 per share, for a total cost of $0.5 million.  For the nine months ended September 30, 2018, the shares were repurchased at an average price of $9.49 per share, for a total cost of $1.8 million.  As of September 30, 2018, the Company has repurchased a total of $3.1 million in common stock under the share repurchase program.