14. STOCK REPURCHASE PROGRAM

In April 1998, the Company’s Board of Directors first authorized a stock repurchase program to purchase shares of its common stock in open market transactions at prevailing prices. In 2016, the Company purchased 410,983 shares at a total cost of $11.0 million through its stock repurchase program. In 2015, the Company purchased 354,741 shares at a total cost of $9.9 million through its stock repurchase program. In 2014, the Company purchased 297,576 shares at a total cost of $8.0 million through its stock repurchase program. At December 31, 2016, there were 565,175 authorized shares remaining under the program.