SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

SHAREHOLDERS EQUITY

10. SHAREHOLDERS' EQUITY:

Stock Repurchase Program

On November 14, 2012, 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. During the years ended December 31, 2013 and 2012, the Company purchased 195,599 and 205,902 shares, respectively, at a cost of approximately $5.5 million and $5.2 million, respectively. This repurchase program ended in 2013.

On June 2, 2014, the Company's Board of Directors approved an additional 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 December 31, 2015, the Company purchased 956,362 shares, at a cost of approximately $29.5 million. This repurchase program ended in 2015.

Scientific Advisory Board, Board of Directors and Employee Awards

In March 2015, 2014 and 2013, respectively, the Company granted a total of 35,205, 31,301 and 22,586 shares of fully vested common stock to employees and non-employee members of the Scientific Advisory Board for services performed in 2014, 2013 and 2012, respectively. The fair value of the shares issued was $967,000, $749,000 and $435,000, respectively, for employees and $300,000, $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, 2014, 2013 and 2012, respectively. In connection with the issuance of these grants, 9,565, 8,071 and 4,672 shares, respectively, with fair values of $346,000, $271,000 and $154,000, respectively, were withheld in satisfaction of employee tax withholding obligations in 2015, 2014 and 2013, respectively.