Shareholders' Equity

12 Months Ended

Dec. 31, 2018

Stockholders Equity Note [Abstract]

Shareholders' Equity

9. Shareholders’ Equity

Employee Stock Purchase Plan

Under the Company’s First Employee Stock Purchase Plan (ESPP), employees may apply up to 10% of their compensation to purchase the Company’s common stock. Shares are purchased at the closing market price on the business day preceding the date of purchase. As of December 31, 2018, approximately 86,000 shares remain unissued under the ESPP. During 2018, 2017, and 2016, approximately 21,000, 29,000, and 44,000 shares, respectively, were purchased under the ESPP at an average price of $5.87, $5.29, and $4.91 per share, respectively.

Preferred Stock

At December 31, 2018 and 2017, the Company had 2.5 million shares of par value $0.01 preferred stock authorized for issuance, but none outstanding.