SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

SHAREHOLDERS EQUITY

8. SHAREHOLDERS’ EQUITY:

Stock Repurchase Program

On June 2, 2014, the Company's Board of Directors approved a stock repurchase program authorizing the Company to purchase shares of its common stock up to a total purchase price of $50.0 million over the subsequent 12 months. Since approval of the program and through September 30, 2014, the Company purchased 714,328 shares at a cost of $22.5 million.

Scientific Advisory Board, Board of Directors and Employee Awards

During the first quarter of 2014 and 2013, the Company granted a total of 31,301 and 22,568 shares, respectively, of fully vested common stock to employees, members of the Board of Directors and non-employee members of the Scientific Advisory Board for services performed in 2013 and 2012, respectively. The fair value of the shares issued was $746,000 and $435,000, respectively, for employees and $323,000 and $300,000, respectively, for members of the Board of Directors and non-employee members of the Scientific Advisory Board, which amounts were accrued at December 31, 2013 and 2012, respectively. In connection with the issuance of these grants, 8,071 and 4,672 shares, respectively, with fair values of $271,000 and $154,000, respectively, were withheld in satisfaction of employee tax withholding obligations in 2014 and 2013.