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Treasury Stock
9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Treasury Stock

Note 10. Treasury Stock

In August 2017, the Company’s Board of Directors approved a share repurchase program pursuant to which the Company may purchase up to $7 million of shares of its common stock over the following twelve months.  The repurchases under the new share repurchase program are made from time to time in the open market or in privately negotiated transactions and are funded from the Company’s working capital. Repurchases will be made in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended, subject to market conditions, available liquidity, cash flow, applicable legal requirements and other factors.  All shares of common stock repurchased under the Company’s new share repurchase program will be returned to the status of authorized but unissued shares of common stock.  

During the three and nine months ended September 30, 2017, the Company repurchased 52,200 shares of common stock under the repurchase program.  These shares were repurchased at an average price per share of $8.98 per share, for a total cost of $468,823.