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SHAREHOLDERS EQUITY
 12 Months Ended
Dec. 31, 2011
SHAREHOLDERS EQUITY
8.
SHAREHOLDERS EQUITY
 
Dividends
 
On March 8, 2010, the Company’s board of directors adopted a dividend policy to consider and pay annual cash dividends subject to the Company’s ability to satisfy all applicable statutory requirements and the Company’s continued financial strength, and declared the first such annual cash dividend of $.10 per share of common stock. The dividend of $1,163,000 was paid on March 25, 2010 to shareholders of record as of March 18, 2010.
 
On March 7, 2011, the Company’s board of directors declared an annual cash dividend of $0.12 per share. The dividend of $1,415,000 was paid on March 24, 2011 to shareholders of record as of March 17, 2011.
 
On May 10, 2011, the Company’s board of directors approved a dividend policy to consider and pay quarterly dividends on its common stock subject to the Company’s ability to satisfy all applicable statutory requirements and the Company’s continued financial strength, replacing the previous policy of paying annual cash dividends. In conjunction with this new policy the board of directors declared the first such quarterly dividend of $0.12 per share. The dividend of $1,429,206 was paid on May 31, 2011 to shareholders of record as of May 23, 2011.
 
On August 5, 2011, the Company’s board of directors declared a quarterly dividend of $0.12 per share.  The dividend of $1,364,963 was paid on August 26, 2011 to shareholders of record as of August 19, 2011.
 
On November 7, 2011, the Company’s board of directors declared a quarterly dividend of $0.12 per share.  The dividend of $1,336,687 was paid on December 19, 2011 to shareholders of record as of December 5, 2011.
 
Stock Repurchase Program
 
In May 2011, the Company’s board of directors authorized the repurchase of up to $20.0 million of shares of its common stock. At December 31, 2011, the repurchase program was complete and total of 1,184,200 shares have been repurchased for $20.0 million.