11. Cash Dividends

On February 9, 2016, the Company’s Board of Directors declared a dividend of $0.06 per common share, which was paid on March 15, 2016 to stockholders of record as of March 1, 2016.  On May 17, 2016, the Company’s Board of Directors declared a dividend of $0.06 per common share, which was paid on June 14, 2016 to stockholders of record as of May 31, 2016.  On August 16, 2016, the Company’s Board of Directors declared a dividend of $0.06 per common share, which was paid on September 13, 2016 to stockholders of record as of August 30, 2016.  On November 16, 2016, the Company’s Board of Directors declared a dividend of $0.06 per common share payable on December 13, 2016 to stockholders of record as of November 29, 2016.  Any determination to declare and pay cash dividends for future quarters will be made by the Board of Directors.