Quarterly report pursuant to sections 13 or 15(d)

Treasury Stock

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Treasury Stock
 9 Months Ended
Jun. 30, 2011
Treasury Stock  
Treasury Stock

Note 7. Treasury Stock

The Company's Board of Directors has authorized the repurchase of up to 350,000 shares of the Company's common stock through November 1, 2013 for the purpose of funding restricted stock grants under its 2008 Incentive Equity Plan to provide restricted stock to eligible Directors and Senior Managers in order to align their interests with those of the Company's shareholders.

The stock repurchases began in November 2005 and will be made on a quarterly basis until November 1, 2013 through open market transactions, at times and in such amounts as the Company's broker determines subject to the provisions of SEC Rule 10b-18. The Company purchased 768 and 40,570 shares in the open market at an average price of $27.82 and $25.80 during the three and nine months ended June 30, 2011, respectively.

The following table provides the Company's treasury stock transactions during the nine months ended June 30, 2011:

 

     Beginning Balance      Purchases      Issuances     Ending
Balance		  

Shares

      7,466         40,570         (17,067 )      30,969   

Cost

    $ 172       $ 1,047       $ (408 )    $ 811   

In accordance with the approved plan, the Company may purchase an additional 280,464 shares.