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Share Repurchases
 3 Months Ended
Mar. 31, 2016
Share Repurchases  
Share Repurchases

 

6.Share Repurchases. On October 30, 2015, the Board authorized the repurchase of up to $5,000,000 of the Company’s common stock on or before October 30, 2017. The plan allows the repurchases to be made in open market or privately negotiated transactions. The plan does not obligate the Company to repurchase any particular number of shares, and may be suspended at any time at the Company’s discretion. For the three months ended March 31, 2016, the Company repurchased approximately 40,000 shares at a total cost of approximately $106,000. As of March 31, 2016, the approximate dollar value of shares that may yet be purchased by the Company under the plan was $4,878,000.

 

Under a prior plan that expired November 3, 2015, for the three months ended March 31, 2015, the Company repurchased approximately 31,000 shares at a total cost of approximately $93,000.