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Common Stock Dividend | 6 Months Ended
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Jun. 30, 2020
Common Stock Dividend |
Common Stock Dividend | Note 10 – Common Stock Dividend On June 10, 2020, the Board of Directors declared a quarterly dividend on the Company’s common stock of $.45 per share payable on July 31, 2020 to stockholders of record on June 22, 2020. Stockholders were entitled to elect whether the dividend payable to them would be paid in cash or shares of the Company’s common stock, provided that, with certain exceptions, 50% of the aggregate dividend to be paid would be paid in each of cash and shares of common stock. The dividend totaled approximately $9,068,000, of which $4,537,000 was paid in cash and the balance was paid by the issuance of 263,229 shares of common stock, valued at approximately $17.22 per share. Earnings per share amounts for the three and six months ended June 30, 2020 reflect the portion of the dividend paid by the issuance of stock (see Note 13). The number of shares issued and outstanding as presented on the balance sheet at June 30, 2020 would have been 19,714,000, taking into account the 263,229 shares issued on July 31, 2020.

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