SHARE REPURCHASE PROGRAM

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

SHARE REPURCHASE PROGRAM

NOTE 12: SHARE REPURCHASE PROGRAM

In May 2018, the Company’s Board of Directors authorized the repurchase by the Company of an additional 700,000 shares of common stock pursuant to Rule 10b-18 of the Exchange Act.

During the third quarter of 2018, the Company repurchased 216,156 shares of common stock at an average purchase price of $29.18 per share for an aggregate purchase price of $6,308. During the first nine months ended September 30, 2018, the Company repurchased 527,212 shares of common stock at an average purchase price of $31.76 per share for an aggregate purchase price of $16,742. The Company did not repurchase any shares of its common stock during the third quarter and first nine months of 2017. As of September 30, 2018, 483,844 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.