Subsequent Events

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Business Combination

In July 2016, the Company entered into a definitive agreement to acquire Aurrion, Inc. ("Aurrion"), an innovator in fabless wafer scale silicon photonic technology, for approximately $165 million in consideration, subject to adjustment for indebtedness and working capital. The Company believes the acquisition will help to fuel its long-term competitive advantage by enabling cost-effective, high-density, high-speed optical networks. The consummation of this acquisition is subject to customary closing conditions.

Dividend Declaration

On July 26, 2016, the Company announced that it had declared a cash dividend of $0.10 per share of common stock payable on September 22, 2016 to stockholders of record as of the close of business on September 1, 2016.

Stock Repurchase Activities

Subsequent to June 30, 2016, through the filing of this Report, the Company repurchased 0.9 million shares of its common stock, for an aggregate of $20.0 million at an average purchase price of $22.42 per share, under the 2014 Stock Repurchase Program. These shares will be settled after the filing date. Under the 2014 Stock Repurchase Program, the Company has $312.1 million authorized funds remaining as of the filing date. Purchases under the Company's stock repurchase program are subject to review of the circumstances in place at the time and will be made from time to time as permitted by securities laws and other legal requirements. This program may be discontinued at any time.