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SHAREHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2017
SHAREHOLDERS' EQUITY [Abstract]  
Summary of Authorized Repurchase Plans

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.