Stockholders' Equity

9 Months Ended

Sep. 30, 2017

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Stock Repurchases

On April 10, 2013, the Company announced that its Board of Directors authorized the repurchase of up to $20.0 million of the Company’s common stock (the “April 2013 Repurchase Program”). On May 23, 2016, the Company's Board of Directors authorized an additional $20.0 million repurchase of the Company's common stock from time to time on the open market or in privately negotiated transactions (together with the April 2013 Repurchase Program, the “Repurchase Programs”).

During the nine months ended September 30, 2017, the Company repurchased and retired 775,370 shares of its common stock pursuant to the Repurchase Programs. The Company used $13.3 million of cash for such repurchases at an average price paid per share of $17.16. No repurchases or retirements were made in conjunction with the Repurchase Programs during the three months ended September 30, 2017. During the nine months ended September 30, 2016, the Company repurchased and retired 145,256 shares of its common stock using $2.5 million of cash for such repurchases at an average price paid per share of $17.16. During the three months ended September 30, 2016, the Company repurchased and retired 59,719 shares of its common stock using $1.1 million of cash for such repurchases at an average price paid per share of $17.95.

As of September 30, 2017, the Company has repurchased a total of 1,640,012 shares of its common stock for an aggregate of $27.7 million with approximately $12.3 million remaining under the Repurchase Programs.

Earnings per Share

The calculation of diluted earnings per share for the three months ended September 30, 2017 excludes a weighted average number of stock options, restricted stock, and employee stock purchase plan shares of 179,932, 104, and 1,280 respectively, because to include them would be antidilutive. For the three months ended September 30, 2016, the calculation of diluted earnings per share excludes a weighted average number of stock options and restricted stock of 665,105 and 4,713, respectively, because to include them would be antidilutive. There were no weighted average ESPP shares excluded from the three months ended September 30, 2016 as there was no dilutive impact.

The calculation of diluted earnings per share for the nine months ended September 30, 2017 excludes a weighted average number of stock options, restricted stock, and employee stock purchase plan shares of 203,304, 396, and 427 respectively, because to include them would be antidilutive. For the nine months ended September 30, 2016, the calculation of diluted earnings per share excludes a weighted average number of stock options and restricted stock of 593,202 and 11,325, respectively, because to include them would be antidilutive. There were no weighted average ESPP shares excluded from the nine months ended September 30, 2016 as there was no dilutive impact.