Share Repurchase Program

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Share Repurchase Program

12. Share Repurchase Program

In January 2016, the Board of Directors authorized a two-year share repurchase program for up to $25.0 million of the Company’s common stock, which commenced on March 1, 2016. In October 2016, the Board of Directors approved a $50.0 million increase in the size of the repurchase program. For the three months ended March 31, 2017, the Company repurchased 65,317 shares of common stock at a cost of $12.2 million. A total of 221,185 shares have been repurchased under this program. As of March 31, 2017, approximately $38.9 million was available for future repurchase. Shares repurchased under the program will be held in treasury for future use.