Common Stock

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

COMMON STOCK

COMMON STOCK

On September 24, 2014, the Company was authorized by its Board of Directors to enter into a Share Repurchase Agreement with Capital Southwest Corporation and Capital Southwest Venture Corporation (“Capital Southwest”). Pursuant to the Repurchase Agreement, the Company repurchased 849,690 shares of the Company’s common stock owned by Capital Southwest at a purchase price of $40.255 per share . The closing price of the Company’s common stock on the New York Stock Exchange on September 24, 2014 was $41.50 per share. The Company financed the repurchase through borrowings under its revolving credit facility. The Company completed the transaction on September 25, 2014 and subsequently retired all 849,690 shares. In November 2014, the Company successfully completed a public offering of our shares on behalf of Capital Southwest Corporation.

On January 3, 2017, the Board of Directors of the Company declared a quarterly dividend of $0.10 per share which was paid on January 27, 2017 to holders of record as of January 16, 2017.