Capital Structure

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

CAPITAL STRUCTURE

CAPITAL STRUCTURE

On February 21, 2014, our Board of Directors authorized a stock repurchase program under which we could repurchase up to $10.0 million of our common stock from time to time through March 31, 2015. On March 25, 2014, our Board of Directors authorized a $10.0 million increase to the stock repurchase program, bringing the total amount of its common stock that the Company could repurchase under the program to $20.0 million. On October 24, 2014, our Board of Directors authorized a $20.0 million increase to the stock repurchase program, increasing the total share repurchase program to $40.0 million, and extended the duration of the program to December 31, 2015. In October 2015, our Board of Directors authorized an additional $10.0 million increase to the stock repurchase program, increasing the total share repurchase program to $50.0 million, and extended the duration of the program to December 31, 2016. In December 2016, our Board of Directors authorized an additional $10.0 million increase to the stock repurchase program, increasing the total share repurchase program to $60.0 million, and extended the duration of the program to December 31, 2017. In December 2017, our Board of Directors extended the duration of the program to December 31, 2018. We repurchased 0.9 million shares of our common stock during the year ended December 31, 2016 for $3.8 million and no shares in the year ended December 31, 2017.

Pursuant to exercises of outstanding stock options, we issued 225,043 shares of our common stock having a value of $1.5 million in the year ended December 31, 2017 and 90,496 shares of our common stock having a value of $0.3 million in the year ended December 31, 2016.