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

11.   SHAREHOLDERS' EQUITY



Repurchase of Common Stock



A summary of our authorized share repurchase plans is as follows:







 

 

 

 



 

2017

 

2016

Maximum authorized share repurchase amount  (1)

$

 7,500,000 

$

 7,500,000 

Date of plan's authorization by the Board

 

March 2017

 

February 2016

Funding source

 

Credit facility

 

Credit facility

Number of shares repurchased under the plan (shares)

 

 51,533 

 

 175,632 

Amount paid for shares repurchased

$

 688,337 

$

 1,950,114 

Weighted average price paid per share

$

 13.36 

$

 11.10 

Remaining amount of shares authorized to be purchased under the plan (in dollars)

$

 6,811,663 

$

 5,549,886 



(1)

Common shares can be purchased in the open market or privately negotiated transactions over the next twelve months from the date of plan authorization.



In March 2018, the Company announced a new $7,500,000 share repurchase program that will terminate on March 1, 2019. This program is replacing the 2017 share repurchase program that expired on March 1, 2018.



Preferred Shares



The Company has authorized 250,000 shares of voting preferred stock with no par value. No shares are issued or outstanding. Also, the Company has authorized 250,000 shares of non-voting preferred stock with no par value. Of these, 125,000 shares have been designated Series A non-voting convertible preferred stock with a stated value of $.06 per share, of which no shares are issued or outstanding at December 31, 2017 and 2016, respectively.