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Stock Repurchase Program
3 Months Ended
Jun. 30, 2015
Stock Repurchase Program  
Stock Repurchase Program

 

9.Stock Repurchase Program

 

In August 2011, our Board of Directors approved a stock repurchase program, pursuant to which we were authorized to acquire up to $3.0 million of our outstanding common stock from time to time through August 2012. We repurchased approximately 964,000 shares under this original program for a total purchase price of $1.3 million. On August 9, 2012, our Board of Directors approved a new stock repurchase program pursuant to which we may acquire up to $3.0 million of our outstanding common stock for an unspecified length of time. Under the new program, we may repurchase shares from time to time in open- market and privately negotiated transactions and block trades, and may also repurchase shares pursuant to a 10b5-1 trading plan during our closed trading windows. There is no guarantee as to the exact number of shares that will be repurchased. We may modify or terminate the repurchase program at any time without prior notice. On November 6, 2014, our Board of Directors approved a $3.0 million increase to the Company’s existing stock repurchase program, pursuant to which the Company may continue to acquire shares of its outstanding common stock from time to time for an unspecified length of time. For the three months ended June 30, 2015 and 2014, we repurchased approximately 402,000 and 178,000 shares of our common stock, respectively, for an aggregate repurchase price of approximately $735,000 and $350,000, respectively. As of June 30, 2015, $2,150,000 remained available for the repurchase of our common stock under our current stock purchase program.

 

From inception of the original program in August 2011 through June 30, 2015, we repurchased approximately 3,167,000 shares of our common stock for an aggregate repurchase price of approximately $5.2 million at an average price per share of $1.61. All repurchased shares have been retired and resumed their status as authorized and unissued shares of our common stock as of June 30, 2015.