Note 9 - Capital Stock

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note 9 — Capital Stock

Common stock

Changes in outstanding Common Stock were as follows:

(In thousands of shares)	2015		2014		2013
Outstanding, beginning of year		99,204		98,031		95,734
Shares issued upon exercise of options		104		540		1,386
Shares issued for grants of time vested restricted stock (net of cancellations)		69		633		911
Outstanding, end of year		99,377		99,204		98,031

Preferred stock

We are authorized to issue up to 1,000,000 shares of Preferred Stock, $0.01 par value. There was no outstanding preferred stock at December 31, 2015, 2014 or 2013.

Treasury stock

During 2015, 2014 and 2013, we repurchased 292,168, 215,760 and 222,175 shares, respectively, for an aggregate price of $2.3 million, $2.5 million and $2.6 million, respectively, representing employee shares surrendered in lieu of taxes under vesting of restricted stock awards. All of the shares repurchased are held as treasury stock.

During 2015, 2014 and 2013, we reissued 200,056, 155,650 and 67,622 shares of treasury stock pursuant to various stock plans, including our employee stock purchase plan and our 2014 Non-Employee Directors’ Restricted Stock Plan.

Repurchase program

In April 2013, our Board of Directors approved a share repurchase program that authorizes the Company to purchase up to $50.0 million of its outstanding shares of common stock. This authorization was subsequently increased to $100.0 million in February 2014. In September 2015, our Board of Directors expanded the repurchase program to include the repurchase of our convertible senior notes, in addition to outstanding shares of common stock. The repurchase program has no specific term. The Company may repurchase shares or convertible senior notes in the open market or as otherwise determined by management, subject to market conditions, business opportunities, limiatations under our existing Credit Agreement and other factors. Repurchases are expected to be funded from operating cash flows and available cash on-hand. Subject to continued covenant compliance, funds under our existing Credit Agreement could also be available for such repurchases. As part of the share repurchase program, the Company’s management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934.

There were no repurchases under the program during 2015. During the years ended December 31, 2014 and 2013, we repurchased shares of the Company’s common stock under this program totaling 4,317,278 and 562,341 shares, respectively for an average price per share, including commissions, of $11.72 and $11.94, respectively. As of December 31, 2015, there was $42.7 million of authorization remaining under the program.

In February 2016, we repurchased $11.2 million of our convertible senior notes in the open market for $9.2 million. This repurchase was made under our existing Board authorized repurchase program discussed above. As of February 26, 2016, we had $33.5 million of authorization remaining under the program.