Common Stock

The Company’s Certificate of Incorporation, as amended November 9, 2009, authorizes the Company to issue up to 80 million shares of common stock, par value $0.0001 per share, and 100,000 shares of one or more series of preferred stock, par value $0.0001 per share.

A reconciliation of changes in common shares issued during the three months ended March 31, 2018 is as follows:



Shares issued at December 31, 2017	60,622,986
Issued as restricted stock award grants	538,305
Shares issued at March 31, 2018	61,161,291

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. Through March 31, 2018, the Company has repurchased all $25.0 million of its common stock under this authorization.

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 the open market or through privately negotiated transactions. Through March 31, 2018, the Company has repurchased $0.3 million of its common stock under this authorization.

During the three months ended March 31, 2018 and 2017, the Company did not repurchase any shares of its outstanding common stock.

At March 31, 2018, the Company has $49.7 million remaining under its share repurchase programs. A covenant under the Company’s Credit Facility limits the amount that may be used to repurchase the Company’s common stock. At March 31, 2018, this covenant limits additional share repurchases to $9.7 million.