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Stock Repurchases
12 Months Ended
Dec. 31, 2015
Stock Repurchases [Abstract]  
Stock Repurchases
Stock Repurchases

Effective August 19, 2015 the Company's Board of Directors unanimously approved an additional authorized share repurchase plan of $100 million. The Board directed that the repurchases be funded with available cash balances and cash generated by the Company's operating activities. Under certain circumstances the aggregate amount of repurchases of the Company's equity shares may be limited by the terms and underlying financial covenants regarding the Company's commercial bank financing facility.

Effective June 21, 2013 the Company's Board of Directors unanimously approved and authorized a share repurchase plan of $100 million. The Board directed that the repurchases be funded with available cash balances and cash generated by the Company's operating activities, and be completed in the subsequent twenty-four months if possible.

The Company's share repurchase plan’s terms have been structured to comply with the SEC’s Rule 10b-18, and are subject to market conditions and applicable legal requirements. The program does not obligate the Company to acquire any specific number of shares and may be suspended or terminated at any time. All purchases are made in the open market. Treasury stock is recorded at its acquired cost. During 2015 the Company repurchased 2,924,306 shares of its common stock under these plans for total consideration of $82.5 million. During 2014 the Company repurchased 2,146,488 shares of its common stock under this plan for total consideration of $31.9 million. During 2013 the Company repurchased 250,900 shares of its common stock under this plan for total consideration of $2.5 million.

As of December 31, 2015 the Company had $88.6 million remaining in its share repurchase authorization.