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 and six month periods ended June 30, 2016, the Company repurchased 245 and 615 shares of common stock, respectively, pursuant to the share repurchase authorization. At June 30, 2016, there were 711 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 six month periods ended June 30, 2016 and 2015, respectively:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Shares of common stock repurchased	245		363		615		933
Cost of stock repurchased		$3,344		$4,411		$8,045		$11,197
Average price paid per share		$13.63		$12.17		$13.07		$12.01