5.	CAPITAL STOCK

Common Stock

The Company issued 261 and 181 shares of common stock upon the exercise of stock options in the nine months ended September 30, 2017 and 2016, respectively, and received proceeds of $4,144 and $1,839, respectively. During the nine months ended September 30, 2017 and 2016, employees surrendered to the Company 34 and 128 shares of common stock, respectively, valued at $1,596 and $2,652, respectively, in satisfaction of tax withholding obligations associated with the vesting of equity awards. These shares are included in treasury stock. Additionally, during the nine months ended September 30, 2017, employees surrendered to the Company 22 shares of common stock valued at $785, also in satisfaction of tax withholding obligations, which were retired. In the nine months ended September 30, 2017 and 2016, the Company issued 14 and 27 shares of common stock, respectively, as compensation to board members. Costs recognized for these stock grants issued were $700 for both the nine months ended September 30, 2017 and 2016, respectively. During each of the quarters in the nine months ended September 30, 2017 and 2016, the Company paid a dividend of $0.175 per share to all stockholders of record. Subsequent to September 30, 2017, the Company’s Board of Directors declared a quarterly dividend of $0.175 per share payable on November 16, 2017 to stockholders of record as of November 6, 2017.

On May 3, 2016, the Company announced that its Board of Directors had authorized the repurchase of up to $50,000 of its outstanding shares of common stock in open-market transactions or otherwise over the next 18-month period. During the nine months ended September 30, 2017, the Company purchased and subsequently retired 29 shares of common stock under this program for an aggregate cost of $1,500. On October 25, 2017, the Company announced that its Board of Directors had authorized a new share repurchase program to replace its existing share repurchase program that expires on November 3, 2017. The Company may repurchase up to $50,000 of its outstanding shares of common stock over a 24-month period commencing November 4, 2017. The timing, number and amount of any shares repurchased will be determined by the Company at its discretion and will be based on a number of factors including its evaluation of general market and economic conditions, the trading price of the common stock, regulatory requirements and compliance with the terms of the Company’s outstanding indebtedness. The stock repurchase program may be suspended or discontinued at any time without prior notice.

Preferred Stock

The Company has authorized 5,000 shares of preferred stock issuable in series upon resolution of the Board of Directors. Unless otherwise required by law, the Board of Directors can, without stockholder approval, issue preferred stock in the future with voting and conversion rights that could adversely affect the voting power of the common stock. The issuance of preferred stock may have the effect of delaying, averting or preventing a change in control of the Company.