Share Repurchase Authorization

In 2008, the Board of Directors authorized the Company to repurchase up to 3,000 shares of the Company’s common stock with no established end date. The authorization allows for repurchases to be made in the open market or through negotiated transactions from time to time. As of December 31, 2014, the Company had repurchased 1,353 shares of common stock. In January 2015, the Board of Directors approved an additional 1,353 shares to the existing repurchase authorization, bringing the total current authorization back to 3,000 shares as of such date. At March 31, 2015, there were 2,430 shares available for future stock repurchases under this repurchase authorization. The shares of common stock purchased under the share repurchase authorization are being retired.

The Company did not repurchase any shares of its common stock during the three month period ended March 31, 2014. The following table summarizes the Company’s stock repurchases for the three month period ended March 31, 2015:



	Three Months Ended
	March 31, 2015
Shares of common stock repurchased	570
Cost of stock repurchased		$6,786
Average price paid per share		$11.91