XML 49 R30.htm IDEA: XBRL DOCUMENT v3.6.0.2
STOCK REPURCHASE PLAN
12 Months Ended
Dec. 31, 2016
STOCK REPURCHASE PLAN

23. STOCK REPURCHASE PLAN

On November 14, 2016, the Board of Directors authorized a stock repurchase plan under which the Company may repurchase shares of common stock with a total value not to exceed approximately $10 million.

The Company repurchased 510,923 shares of common stock with a total value of $10 million at an average price of $19.57 per share during fourth quarter of 2016.

Repurchases under the Company’s new program were made in the open market or privately negotiated transactions or through a Rule 10b5-1 plan in compliance with Securities and Exchange Commission Rule 10b-18, subject to market conditions, applicable legal requirements, and other relevant factors. Any repurchased common stock will be available for use in connection with the Company’s incentive plan and for other corporate purposes.