Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity

4. Stockholders’ Equity

Stock Repurchases

During the three and nine months ended September 30, 2016, the Company repurchased and retired shares totaling $1.1 million and $2.5 million, respectively. During the nine months ended September 30, 2015, the Company repurchased and retired shares totaling $8.8 million. No shares were repurchased during the three months ended September 30, 2015. As of September 30, 2016, $27.0 million is remaining under the Company’s authorized stock repurchase programs.

Stock Vestings

During the three and nine months ended September 30, 2016, a total number of 63,684 and 406,723 shares of restricted common stock vested, respectively.

During the three and nine months ended September 30, 2015, a total number of 76,800 and 468,350 shares of restricted common stock vested, respectively.

Earnings per Share

The calculation of diluted earnings per share excludes a weighted average number of stock options and restricted stock of 665,105 and 4,713, for the three months ended September 30, 2016 and 593,202 and 11,325, for the nine months ended September 30, 2016, because to include them would be antidilutive.

The calculation of diluted earnings per share excludes a weighted average number of stock options and restricted stock of 236,195 and 16,543 for the three months ended September 30, 2015, because to include them would be antidilutive. Stock options and restricted stock of 208,670 and 24,644 were excluded from the calculation of diluted earnings per share for the nine months ended September 30, 2015 because to include them would be antidilutive.

The weighted average number of shares issued in connection with the employee stock purchase plan was immaterial in the three and nine month periods ended September 30, 2016 and 2015.