Stock Repurchase Program

12 Months Ended

Dec. 31, 2018

STOCK REPURCHASE PROGRAMS

On May 4, 2016, our Board of Directors authorized the repurchase of up to $10.0 million of our outstanding common stock from time to time through May 4, 2018. As of November 2017, the stock repurchases under this program were completed in full and the program expired.

On April 25, 2017, our Board of Directors authorized a $15.0 million share repurchase program. Under this program, shares of common stock may be repurchased from time to time through April 25, 2019. During 2018, repurchases under this program totaled $12.0 million. As of November 2018, the stock repurchases under this program were completed in full and the program expired.

On February 21, 2018 our Board of Directors authorized an additional $15.0 million share repurchase program. Under this program, shares of our common stock may be repurchased from time to time through February 21, 2020. As of December 31, 2018, repurchases under this program totaled $1.0 million and $14.0 million remained available for future share repurchases under the existing program.

Repurchases for 2016 through 2018 for all programs were as follows:



Year Ended	Number of Shares	Repurchased Amount	Average Price per Share
December 31, 2016	319,805	$5,390,355	$16.86
December 31, 2017	788,416	11,054,983	14.02
December 31, 2018	990,229	12,995,791	13.12
	2,098,450	29,441,129	$14.03

Repurchases may be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. Share repurchases are funded with existing cash balances, and the repurchased shares are retired and returned to unissued authorized shares.