14. STOCK REPURCHASE PROGRAM

In April 1998, the Company’s Board of Directors first authorized a stock repurchase program to purchase shares of its common stock in open market transactions at prevailing prices. In 2014, the Company purchased 297,576 shares at a total cost of $8.0 million through its stock repurchase program. In 2013, the Company purchased 195,050 shares at a total cost of $4.6 million through its stock repurchase program. In 2012, the Company purchased 285,422 shares at a total cost of $6.6 million through its stock repurchase program. At December 31, 2014, the Company was authorized to purchase an additional 330,899 shares under the program.