5.	STOCKHOLDERS’ EQUITY

Common Stock

The Company issued 101 and 261 shares of common stock upon the exercise of stock options in the nine months ended September 30, 2018 and 2017, respectively, and received proceeds of $1,939 and $4,144, respectively. During the nine months ended September 30, 2018 and 2017, employees surrendered to the Company 40 and 34 shares of common stock, respectively, valued at $1,916 and $1,596, respectively, in satisfaction of tax withholding obligations associated with the vesting of equity awards. These shares are included in treasury stock. Additionally, during the nine months ended September 30, 2017, employees surrendered to the Company 22 shares of common stock valued at $785 also in satisfaction of tax withholding obligations, which were retired. In the nine months ended September 30, 2018 and 2017, the Company issued 29 and 14 shares of common stock, respectively, as compensation to board members. Costs recognized for these stock grants issued were $910 and $700 for the nine months ended September 30, 2018 and 2017, respectively. In addition, during the nine months ended September 30, 2018, the Company issued 3 shares of common stock to consultants for services resulting in expense of $100. During the three and nine months ended September 30, 2018, the Company paid dividends of $0.25 and $0.75 per share, respectively, to all stockholders of record. During the three and nine months ended September 30, 2017, the Company paid dividends of $0.175 and $0.525 per share, respectively, to all stockholders of record. Subsequent to September 30, 2018, the Company’s Board of Directors declared a quarterly dividend of $0.25 per share payable on November 19, 2018 to stockholders of record as of November 9, 2018.

The Company had a share repurchase program to repurchase up to $50,000 of its outstanding shares of common stock that expired on November 3, 2017. On October 25, 2017, the Company announced that its Board of Directors had authorized a new share repurchase program to replace the expiring program. Under the terms of the new share repurchase program, the Company could repurchase up to $50,000 of its outstanding shares of common stock over a 24-month period commencing November 4, 2017. During the nine months ended September 30, 2018, the Company purchased and placed in treasury 839 shares of common stock under this program for an aggregate cost of $26,304. During the nine months ended September 30, 2017, the Company repurchased 29 shares under the expired share repurchase program for an aggregate cost of $1,500. On October 30, 2018, the Company announced it was terminating the existing $50,000 share repurchase program and replacing it with a new share repurchase program to repurchase up to $75,000 of its outstanding shares of common stock over a 24-month period commencing on October 30, 2018. 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 share repurchase program may be suspended or discontinued at any time without prior notice.

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.