On June 30, 2011, the Company’s Board of Directors unanimously approved a share repurchase program that authorizes the Company to repurchase up to $10 million of the Company’s common stock in the open market. Purchases will be made at the discretion of management, with the timing dependent on prevailing market conditions. As of June 30, 2011, no shares have been repurchased.
18. SUBSEQUENT EVENT
In July 2011, the Company repurchased 89,400 shares of its common stock at an average unit price of $1.0519 per share (a total price before commissions of $94,040) from the market under the share repurchase program.
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