Subsequent Events

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

7. SUBSEQUENT EVENTS

Expense Reductions

In April 2018, the Company implemented a reduction in personnel and implemented certain discretionary expense cuts. The Company expects to recognize a charge of approximately $0.8 million in the second quarter of 2018 for severance costs related to these actions. Additionally, the Company currently anticipates that these actions will result in approximately $8 million in annualized savings beginning in the second quarter of 2018.

Share Repurchase Program

Subsequent to March 31, 2018, the Company repurchased an additional 1.0 million shares of its Class A common stock for an aggregate purchase price of $5.1 million, or an average price per share of $4.85. To date, the Company has repurchased a total of approximately 2.5 million shares of its Class A common stock for aggregate purchase price of approximately $12.8 million, or an average price per share of $5.10 since the beginning of the share repurchase program.

On April 11, 2018, the Board of Directors approved the repurchase of up to an additional $15 million of the Company’s Class A common stock, for a total repurchase authorization of up to $30 million. Under the new share repurchase program, the Company is authorized to purchase shares from time to time through open market purchases or negotiated purchases, subject to market conditions and other factors.