XML 32 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity
3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Stockholders' Equity
Stockholders’ Equity
Stock Repurchase Program
During the three months ended March 31, 2018 and 2017, the Company repurchased 764,825 and 2,044,981 shares, respectively, of its common stock at an average purchase price of $17.90 and $16.70, per share, respectively, for an aggregate purchase price of $13.7 million and $34.2 million, respectively, pursuant to its stock repurchase program (the “Stock Repurchase Program”). As of March 31, 2018, the Company had a total authority of $122.6 million available for purchase of shares of its common stock pursuant to its 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. 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.
Subsequent to March 31, 2018 and through April 30, 2018, the Company purchased an additional 506,226 shares for an aggregate purchase price of $8.9 million.

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 (the “2015 Plan”). This restricted stock will vest on May 23, 2018, 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 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 months ended March 31, 2018 and 2017, the Company recorded expense of less than $0.1 million, related to restricted stock awards to the Company’s directors. 
Issuance of Common Stock for Officer Compensation
Pursuant to the Company's 2015 Plan, the Company’s named executive officers (“NEOs”) were provided with the opportunity to elect to receive up to 50% of their discretionary cash incentive award for 2017 performance in shares of Company stock and four of the Company’s NEOs elected to do so. On March 15, 2018, 9,956 shares of restricted stock were granted to four of the Company’s NEOs. The restricted stock vested immediately.
For the three months ended March 31, 2018, the Company recorded expense of $0.2 million related to restricted stock awards to the Company’s NEOs.