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Stockholders' Equity
9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Stockholders' Equity
Stockholders’ Equity
Stock Repurchase Program
During the nine months ended September 30, 2017 and 2016, the Company repurchased 7,811,937 and 995,650 shares, respectively, of its common stock at an average purchase price of $17.42 and $14.88, per share, respectively, for an aggregate purchase price of $136.0 million and $14.8 million, respectively, pursuant to its stock repurchase program (the “Stock Repurchase Program”).
On July 7, 2017, the Company’s Board authorized additional repurchases of up to $28.0 million of the Company’s shares of its common stock under the Stock Repurchase Program. On July 11, 2017, the Company repurchased 1,500,000 shares for an aggregate purchase price of $27.0 million. On September 18, 2017, the Company’s Board authorized additional repurchase authority of up to $66.0 million of the Company’s shares of its common stock under the Stock Repurchase Program. On September 20, 2017, the Company repurchased 3,742,111 shares for an aggregate purchase price of $65.8 million. After giving effect to these and other recent repurchase activities, as of September 30, 2017, the Company has $147.7 million remaining under the Stock Repurchase Program.
The Company may repurchase its common stock in open market purchases from time to time, in privately negotiated transactions or otherwise, pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and amount of any additional shares to be repurchased will depend upon a variety of factors, including market and business conditions and other factors. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company’s Board at any time in its sole discretion.
Issuance of Common Stock for Director’s Fees
On May 25, 2017, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent.  On July 3, 2017, 5,334 shares of restricted stock were granted to two of the Company’s directors pursuant to the Board’s May 25th approval and the Company's 2015 Performance and Equity Incentive Plan. This restricted stock will vest on the date of the Company's 2018 Annual Meeting of Shareholders (the "Annual Meeting") and is subject to forfeiture upon termination of service on the Board prior to the Annual Meeting.  Four non-employee directors elected to receive cash in lieu of the stock.
On May 17, 2016, the Board approved the issuance of 8,919 restricted stock awards to three members of the Board as part of their 2016 compensation package and pursuant to the 2015 Performance and Equity Incentive Plan.  These restricted stock awards vested 25% on the date of issue and 25% on August 17, 2016, November 17, 2016 and February 17, 2017. 
For each of the three and nine months ended September 30, 2017 and 2016, the Company recorded expense of less than $0.1 million, related to restricted stock awards to the Company’s directors.