Share Repurchase Program

3 Months Ended

Mar. 31, 2016

Share Repurchase Authorization

In January 2015, 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. During the three months ended March 31, 2016, the Company repurchased 370 shares of common stock. At March 31, 2016, there were 956 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 month period ended March 31, 2016 and 2015, respectively:



	Three Months Ended
	March 31,
	2016		2015
Shares of common stock repurchased	370		570
Cost of stock repurchased		$4,700		$6,786
Average price paid per share		$12.70		$11.91