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SHAREHOLDERS EQUITY
12 Months Ended
Dec. 31, 2020
Stockholders Equity Note [Abstract]  
SHAREHOLDERS EQUITY

18.  SHAREHOLDERS’ EQUITY

 

On July 25, 2019, the Company authorized the repurchase of up to 960,000 shares, or approximately 5% of its outstanding shares.  During the year ended December 31, 2020, the Company purchased 220,222 shares, at an average price of $29.45, for a total cost of $6.5 million. During the year ended December 31, 2019, the Company purchased 739,778 shares at an average price of $28.39 for a total cost of $21.0 million. The Company completed its 960,000 share repurchase program, at an average price of $28.63, for a total cost of $27.5 million.

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 2018, the shares purchased under the Plan were from authorized but unissued shares and in the open market.  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 historically was 97 percent of their “fair market value,” as that term is herein defined in the Plan. However, on January 30, 2019, the Company eliminated the three percent discount feature in the Plan. All of the 97,032 shares in 2020 and 129,738 shares in 2019 issued through the Plan were purchased in the open market.