Stock Repurchase Program

3 Months Ended

Jun. 30, 2019

Stock Repurchase Program

Stock Repurchase Program

8.Stock Repurchase Program

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 program, we may repurchase shares from time to time in the 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, to the extent such a 10b5-1 plan is in place. 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, 2019 and 2018, we did not repurchase any shares. From inception of the program in August 2011 through June 30, 2019, we repurchased approximately 3,422,000 shares of our common stock for an aggregate price of approximately $5.6 million, at an average price per share of $1.63.  As of June 30, 2019, all repurchased shares have been retired and resumed their status as authorized and unissued shares of our common stock. As of June 30, 2019, approximately $1.7 million remains available for the repurchase of our common stock under our current program.