Stockholders’ Equity

At December 31, 2018 and 2017 there were 17,784,769 and 17,473,598 shares of the Company’s Common Stock issued, respectively, including 4,970,093 and 4,126,132 treasury shares at December 31, 2018 and 2017, respectively.

Subject to the rights specifically granted to holders of any then outstanding shares of the Company’s Preferred Stock, the Company’s common stockholders are entitled to vote together as a class on all matters submitted to a vote of the Company’s common stockholders, and are entitled to any dividends that may be declared by the Board. The Company’s common stockholders do not have cumulative voting rights. Upon the Company’s dissolution, liquidation or winding up, holders of the Company’s Common Stock are entitled to share ratably in the Company’s net assets after payment or provision for all liabilities and any preferential liquidation rights of the Company’s Preferred Stock then outstanding. The Company’s common stockholders do not have preemptive rights to purchase shares of the Company’s stock. The issued and outstanding shares of the Company’s Common Stock are not subject to any redemption provisions and are not convertible into any other shares of the Company’s capital stock. The rights, preferences and privileges of holders of the Company’s Common Stock will be subject to those of the holders of any shares of the Company’s Preferred Stock the Company may issue in the future.

The following table reflects the total number of shares of the Company’s Common Stock reserved for future issuance as of December 31, 2018:



Shares of common stock reserved for:
Exercise of stock options and restricted stock awards	960,719
Conversion of preferred stock to common stock	2,010,045
Total shares of common stock reserved for future issuance	2,970,764

Share Repurchases

On November 4, 2015, the Board authorized the Company to engage in a repurchase program to repurchase up to $70,000 in aggregate value of the Company’s Common Stock during the twelve-month period following November 4, 2015. This plan terminated on November 3, 2016. A total of 1,360,249 shares were purchased through this plan for $62,981, excluding commission payments.

On October 26, 2016, the Board authorized a new repurchase program, under which the Company may repurchase up to $100,000 in aggregate value of the Company’s Common Stock during the twelve-month period following October 26, 2016. Through October 26, 2017, a total of 770,808 shares were purchased through this plan for $30,360, excluding commission payments.

On November 2, 2017, the Board approved the extension of the Company’s October 26, 2016 stock repurchase program, authorizing the Company to engage in a repurchase program to repurchase up to $69,640 (the amount remaining from the $100,000 repurchase amount authorized in 2016) in aggregate value of our Common Stock through December 31, 2018. Subsequently, on March 29, 2018, the Board authorized an increase in the amount available for stock repurchases under the Company’s existing stock repurchase program by $77,800, and extended the existing stock repurchase program through June 30, 2019. As of December 31, 2018, 1,018,989 shares were purchased under this plan after it was extended on November 2, 2017 for $66,256, excluding commission payments.

During the years ended December 31, 2018, 2017 and 2016, the Company withheld 5,242, 19,556 and 2,736 shares, respectively, from employees to cover the settlement of income tax and related benefit withholding obligations arising from vesting of restricted stock awards. In addition, during the years ended December 31, 2018 and 2017, the Company withheld 12,676 and 5,665 shares, respectively, from employees to cover the settlement of income tax and related benefit withholding obligations and the exercise price upon the exercise of stock options.