CAPITAL STOCK

3 Months Ended

Mar. 31, 2017

Stockholders Equity Note [Abstract]

Capital Stock

5. CAPITAL STOCK

Common Stock

The Company issued 93 shares of common stock upon the exercise of stock options in the three months ended March 31, 2017 and received proceeds of $1,803. No stock options were exercised in the three months ended March 31, 2016. During the three months ended March 31, 2017 and 2016, employees surrendered to the Company 29 and 121 shares of common stock, respectively, valued at $1,330 and $2,455, respectively, in satisfaction of tax withholding obligations associated with the vesting of equity awards. These shares are included in treasury stock. Additionally, during the three months ended March 31, 2017, employees surrendered to the Company 22 shares of common stock valued at $785, also in satisfaction of tax withholding obligations, which were retired. During the three months ended March 31, 2017 and 2016, the Company paid a dividend of $0.175 per share to all stockholders of record. Subsequent to March 31, 2017, the Company’s Board of Directors declared a quarterly dividend of $0.175 per share payable on May 18, 2017 to stockholders of record as of May 8, 2017.

On May 3, 2016, the Company announced that its Board of Directors had authorized the repurchase of up to $50,000 of its outstanding shares of common stock in open-market transactions or otherwise over the next 18-month period. The timing, number and amount of any shares repurchased will be determined by the Company at its discretion and will be based on a number of factors including its evaluation of general market and economic conditions, the trading price of the common stock, regulatory requirements and compliance with the terms of the Company’s outstanding indebtedness. The stock repurchase program may be suspended or discontinued at any time without prior notice. No shares were repurchased under this program during the three months ended March 31, 2017.

Preferred Stock

The Company has authorized 5,000 shares of preferred stock issuable in series upon resolution of the Board of Directors. Unless otherwise required by law, the Board of Directors can, without stockholder approval, issue preferred stock in the future with voting and conversion rights that could adversely affect the voting power of the common stock. The issuance of preferred stock may have the effect of delaying, averting or preventing a change in control of the Company.