Stockholders' Equity

3 Months Ended

Mar. 31, 2018

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”).

No repurchases or retirements were made in conjunction with the Repurchase Programs during the three months ended March 31, 2018. During the three months ended March 31, 2017, the Company repurchased and retired 297,223 shares of its common stock using $5.1 million of cash for such repurchases at an average price paid per share of $17.08.

As of March 31, 2018, 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 March 31, 2018 excludes a weighted average number of stock options, restricted stock, and employee stock purchase plan shares of 119,519, 1,266, and 659, respectively, because to include them would be antidilutive.

For the three months ended March 31, 2017, the calculation of diluted earnings per share excludes a weighted average number of stock options and restricted stock of 137,478 and 518, respectively, because to include them would be antidilutive. There were no weighted average ESPP shares excluded from the three months ended March 31, 2017 as there was no dilutive impact.