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 authorized the purchase of an additional 1,353 shares, bringing the total repurchase authorization back to 3,000 shares as of such date. During the three and nine months ended September 30, 2015, the Company repurchased 468 and 1,401 shares of common stock, respectively. At September 30, 2015, there were 1,599 shares available for future stock repurchases under this repurchase authorization. Shares of common stock purchased under the share repurchase authorization are retired.

The following table summarizes the Company’s stock repurchases for the three and nine month periods ended September 30, 2015 and 2014, respectively:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Shares of common stock repurchased	468		138		1,401		238
Cost of stock repurchased		$5,946		$1,344		$17,143		$2,331
Average price paid per share		$12.70		$9.78		$12.24		$9.81