SHARE REPURCHASE PROGRAM

3 Months Ended

Mar. 31, 2016

NOTE 11:

SHARE REPURCHASE PROGRAM

During the first quarter of 2016, the Company repurchased 180,013 shares of common stock at an average purchase price of $18.98 per share for an aggregate purchase price of $3,417. During the first quarter of 2015, the Company repurchased 93,903 shares of common stock at an average purchase price of $20.41 per share for an aggregate purchase price of $1,917. As of March 31, 2016, 311,056 shares of common stock remained available for repurchase pursuant to the Company’s share repurchase program.

The repurchases of common stock are accounted for as treasury stock, and result in a reduction of stockholders’ equity. When treasury shares are reissued, the Company accounts for the reissuance in accordance with FASB ASC No. 505-30, “Treasury Stock” and charges the excess of the repurchase cost over issuance price using the weighted average method to retained earnings. The purchase cost is calculated based on the specific identified method. In the case where the repurchase cost over issuance price using the weighted average method is lower than the issuance price, the Company credits the difference to additional paid-in capital.