Stock Repurchase Program

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Stock Repurchase Program

Stock Repurchase Program

In November 2012, the Company’s Board of Directors authorized the repurchase of up to $25 million of the Company’s common stock. Repurchases may be made in the open market or through privately negotiated transactions. During the three months ended March 31, 2016, the Company did not repurchase any shares of its outstanding common stock. During the three months ended March 31, 2015, the Company repurchased 180,190 shares of its outstanding common stock on the open market at a cost of $2.7 million, inclusive of transaction costs, or an average price of $14.71 per share.

In June 2015, the Company’s Board of Directors authorized the repurchase of up to an additional $50 million of the Company’s common stock. Repurchases may be made in open market or through privately negotiated transactions. Through March 31, 2016, the Company has not repurchased any of its common stock under this authorization.

As of March 31, 2016, the Company has $54.9 million remaining under its share repurchase programs.