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7. Stockholders' Equity
9 Months Ended
Sep. 30, 2020
Stockholders' equity  
Stockholders' Equity

Treasury Stock

Effective July 2020, our Board of Directors authorized a one-year repurchase plan for up to 1 million shares of our common stock. During the three months ended September 30, 2020, we purchased 23,638 shares of our common stock at an aggregate cost of approximately $146,000 resulting in an average price of $6.20 per share. Additionally, there were 9,454 restricted shares that did not meet the vesting criteria. These shares are held in treasury.

 

Dividend

On September 15, 2020, we declared and paid a $0.05 per common share dividend to shareholders of record as of the close of business on September 1, 2020 which amounted to an aggregate cash payment of approximately $678,000. We intend to continue to pay this dividend on a quarterly basis, based on our business results and financial position.