text: S T O C K H O L D E R S ’ E Q U I T Y  6 
  
  The Board of Directors of the Company has at various times authorized repurchases of Company stock in open-market or negotiated transactions at such 
  times and at such prices as management may from time to time decide. The Company has effected a number of open-market or negotiated transactions to 
  purchase its stock during the past three years. These repurchases totaled 20,200, 26,000 and 10,300 shares during the years 2003, 2002 and 2001, 
  respectively, at per share prices ranging from $14.02 to $42.42. As of December 31, 2003, authorization for the repurchase of 94,000 additional shares 
  remained. The Company purchased 173,614 shares of its common stock at $23.00 per share in April 2003 pursuant to a tender offer. The Company 
  purchased 502,229 shares of its common stock at $34.50 per share in December 2001 pursuant to a tender offer. All shares purchased in the tender offers 
  and in the open-market or negotiated transactions became treasury shares upon repurchase by the Company. 
  
  In September 2003, the Company announced that it had adopted a policy for the payment of regular quarterly cash dividends on the Company’s common 
  stock. The Company subsequently paid a quarterly cash dividend of $ .12 per common share in both September and December of 2003. 