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SHAREHOLDERS’ EQUITY
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
SHAREHOLDERS’ EQUITY

8. SHAREHOLDERS’ EQUITY

 

As of March 31, 2021 and December 31, 2020, the Company had authorized 20,000,000 common stock shares with par value of $0.01 per share. For both periods, the total number of outstanding shares was 10,094,322, shares held in Treasury was 59,311, and total shares issued was 10,153,633.

 

 

During 2021 and 2020, upon approval of the Board of Directors (the “Board”) the Company has declared and paid dividends, as set forth in the following table:

 

Dividend Declared  Dividend Paid
Date  Price Per Share   Date  Amount 
March 24, 2021
  $0.28   April 14, 2021
  $2,827,000 
December 11, 2020
  $0.28   January 5, 2021
  $2,826,000 
September 23, 2020  $0.28   October 13, 2020
  $2,827,000 
June 24, 2020  $0.28   July 13, 2020  $2,826,000 
March 31, 2020  $0.28   April 17, 2020  $2,827,000 
December 14, 2019  $0.28   January 3, 2020  $2,826,000 

 

The number of shares outstanding on the dividend payment date for each was 10,094,322.

 

It should be noted that from time to time, the Board may elect to pay special dividends, in addition to or in lieu of the regular quarterly dividends, depending upon the financial condition of the Company.

 

On April 4, 2014, the Board authorized an extension of its stock repurchase program without expiration, up to a maximum amount of $1,000,000. The original program established in December 2007 authorized the purchase of up to $5,000,000 of its common stock. The purchases may be made from time-to-time in the open market or in privately negotiated transactions, depending on market and business conditions. The Board retained the right to cancel, extend, or expand the share buyback program, at any time and from time-to-time. Since inception, the Company has purchased a total of 61,811 shares for approximately $932,000, or approximately $15 per share, which were held as treasury shares. The Company has not made any stock repurchases since 2014.