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Shareholders' Equity
 9 Months Ended
Sep. 30, 2016
Shareholders’ Equity [Abstract]  
Shareholder's Equity

5. Shareholders’ Equity

Through September 30, 2016, the Company had announced authorizations by its Board of Directors of repurchases of shares of common stock, which in the aggregate authorized expenditures of up to $2,000,000. On October 25, 2016, the Company announced that its Board of Directors authorized the expenditure of up to an additional $100,000 to repurchase shares of common stock. Under the remaining repurchase authorization, shares may be purchased from time to time in open market transactions, subject to market conditions.

During the nine months ended September 30, 2016, the Company repurchased 1,641 shares of common stock under authorized programs, for a total cost of $747,237. The cumulative shares repurchased under authorized programs as of September 30, 2016, were 6,693 for a total cost of $1,931,164. As of September 30, 2016, $69,207 was available to repurchase shares under the announced repurchase authorizations. The shares are being held in treasury stock until such time as they are reissued or retired at the discretion of the Board of Directors.