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Dividends on Common Stock
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Dividends on Common Stock Dividends on Common Stock
On September 28, 2021, the Company’s Board of Directors declared a cash dividend of $0.11 per share on the Company's common stock. The dividend was payable on October 25, 2021, to shareholders of record as of October 12, 2021. Approximately $1,871,000 was transferred from retained earnings to dividends payable to allow for distribution of the dividend to shareholders.

On June 22, 2021, the Company’s Board of Directors declared a cash dividend of $0.11 per share on the Company's common stock. The dividend was payable on July 16, 2021, to shareholders of record as of July 6, 2021. Approximately $1,870,000 was transferred from retained earnings to dividends payable to allow for distribution of the dividend to shareholders.

On March 26, 2021, the Company’s Board of Directors declared a cash dividend of $0.11 per share on the Company's common stock. The dividend was payable on April 16, 2021, to shareholders of record as of April 6, 2021. Approximately $1,876,000 was transferred from retained earnings to dividends payable to allow for distribution of the dividend to shareholders.

The Company has a program to repurchase of up to $3 million of its outstanding common stock. The timing of the purchases will depend on certain factors, including but not limited to, market conditions and prices, available funds, and alternative uses of capital. The stock repurchase program may be carried out through open-market purchases, block trades, or negotiated private transactions. At this time, no shares have been repurchased.