Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Dividends

The Company plans to continue with its quarterly cash dividend to the holders of its common stock, whereby a dividend in the amount of $0.075 per common share will be paid on March 15, 2017 to shareholders of record on February 28, 2017.

Repurchases of Common Stock

Since December 31, 2016 and through March 1, 2017 the Company has purchased an additional 594,048 shares of its outstanding common stock for aggregate consideration in the amount of $34.17 million. All share repurchases were done in accordance with Rule 10b-18 of the Securities Act of 1934 as to the timing, pricing, and volume of such transactions, and were completed using available cash resources and cash generated from the Company's operating activities.

Common Stock Repurchase Plan

Effective February 6, 2017 the Company's Board of Directors unanimously approved an additional authorized share repurchase plan of $150.0 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.

Closure of SEC Investigation

On February 3, 2017, the Company received a letter from the Staff of the Securities and Exchange Commission (“SEC”) stating that the Staff has concluded the previously disclosed investigation relating to the Company and that the Staff does not intend to recommend any enforcement action by the SEC against the Company.