Stock Repurchase Program Stock Repurchase Program

12 Months Ended

Dec. 31, 2017

STOCK REPURCHASE PROGRAM

On November 3, 2014, our Board of Directors authorized a stock repurchase program that authorized us to repurchase up to $15.0 million of our outstanding common stock from time to time during the ensuing period of 24 months. As of November 2016, the stock repurchases under this program were completed in full and the program expired.

On May 4, 2016, our Board of Directors authorized the repurchase of up to $10.0 million of our outstanding common stock from time to time through May 4, 2018. During 2017, repurchases under this program totaled $8.1 million. As of November 2017, the stock repurchases under this program were completed in full and the program expired.

On April 25, 2017, our Board of Directors authorized a $15.0 million share repurchase program. Under this program, shares of common stock may be repurchased from time to time through April 25, 2019. Repurchases may be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. Share repurchases are funded with existing cash balances, and the repurchased shares are retired and returned to unissued authorized shares. As of December 31, 2017, repurchases under this program totaled $3.0 million.

As of December 31, 2017, there was $12.0 million remaining available for share repurchases pursuant to the 2017 program. Repurchases for 2015 through 2017 for all programs were as follows:



Year Ended	Number of Shares	Repurchased Amount	Average Price per Share
December 31, 2015	711,708	$11,567,527	$16.25
December 31, 2016	319,805	5,390,355	16.86
December 31, 2017	788,416	11,054,983	14.02
Totals to Date	1,819,929	$28,012,865	$15.39