Stock Repurchase Program

6 Months Ended

Jun. 30, 2018

STOCK REPURCHASE PROGRAM

On April 25, 2017, our Board of Directors authorized a $15.0 million share repurchase program. Under this program, shares of our common stock may be repurchased from time to time through April 25, 2019. As of June 30, 2018, repurchases under this program totaled $6.1 million.

On February 21, 2018 our Board of Directors authorized an additional $15.0 million share repurchase program. Under this program, shares of our common stock may be repurchased from time to time through February 21, 2020. To date, we have not repurchased any shares under the new program.

Repurchases may be made under the programs in open market transactions at prevailing prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. Share repurchases will be funded from existing cash balances, and repurchased shares will be retired and returned to unissued authorized shares.

As of June 30, 2018, there was $23.9 million remaining available for repurchases under the share repurchase programs.

Cumulative repurchases pursuant to the programs are as follows:



Quarter Ended	Number of Shares	Repurchased Amount		Average Price Per Share
December 31, 2017	235,628	$	3,012,869	$12.79
March 31, 2018	211,296	2,717,871		12.86
June 30, 2018	30,680	409,143		13.34
Totals-to-Date	477,604	$	6,139,883	$12.86