Shares Repurchase Authorization:

In July 2008, the Company’s Board of Directors authorized the Company to repurchase up to 3,000 shares of its 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. In January 2015, the Company’s Board of Directors increased the Company's authorization to repurchase shares of its common stock by an additional 1,353 shares to replenish the shares purchased through December 31, 2014, bringing the total repurchase authorization back to 3,000 shares as of such date. At December 31, 2015, there were 1,326 shares available for future stock repurchases under this repurchase authorization. Shares of common stock purchased under the share repurchase authorization are retired.

The Company did not repurchase any shares of its common stock during 2013. The following table summarizes the Company’s stock repurchases for December 31, 2015 and 2014:



	Year Ended December 31,
	2015		2014		2013
Shares of common stock repurchased	1,674		1,353		—
Cost of stock repurchased		$20,668		$12,845		$—
Average price paid per share		$12.35		$9.49		$—