The Board of Directors authorized a new share repurchase program for up to $40 million of common stock. This new program replaces a previous repurchase program that had been in place since 1996. The company retains flexibility to execute repurchases via open market, block trades, or Rule 10b5-1 plans. The program has no fixed expiration date and does not obligate the company to purchase any specific amount of shares. Prior to the termination of the old program, the company repurchased 110,269 shares at an average price of $67.10 during the fourth fiscal quarter.