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SHAREHOLDERS EQUITY
12 Months Ended
Dec. 31, 2017
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS EQUITY

16. SHAREHOLDERS EQUITY

 

The Dividend Reinvestment Plan of the Company (the “Plan”), allows shareholders of the Company to purchase additional shares of common stock using cash dividends without payment of any brokerage commissions or other charges. Shareholders may also make voluntary cash payments of up to $200,000 per quarter to purchase additional shares of common stock. The Plan provides that shares may be purchased directly from the Company out of its authorized but unissued or treasury shares, or in the open market. During 2017 and 2016, the shares purchased under the Plan were from authorized but unissued shares. The price of shares purchased under the Plan will be the average price paid for such shares by the Plan’s administrator, Computershare Investor Services. The price to the Plan administrator of shares purchased directly from the Company with reinvested dividends or voluntary cash payments will be 97 percent of their “fair market value,” as that term is herein defined in the Plan. The three percent discount will continue until terminated or modified by action of the Board of Directors. Total shares issued through the Plan in 2017 totaled 1,204,710 and resulted in additional capital of $36.6 million, of which 1,202,180 shares were issued through the voluntary purchase portion of the Plan. Total shares issued through the Plan in 2016 totaled 1,137,998 and resulted in additional capital of $22.5 million, of which 1,134,068 shares were issued through the voluntary purchase portion of the Plan.