Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Preferred Stock

The Company has 5,000,000 shares of preferred stock (Preferred Stock) authorized, none of which are issued.

Common Stock

Common stockholders are entitled to one vote per share and dividends when declared by the Company’s Board of Directors, subject to the preferential rights of any outstanding shares of Preferred Stock.

Employees and directors of the Company purchased 1,312,812, 2,989,324 and 864,457 shares of common stock during the years ended December 31, 2016, 2015 and 2014, respectively, pursuant to option exercises and the Company’s employee stock purchase plan. The aggregate net proceeds to the Company resulting from these purchases were approximately $33.8 million, $65.2 million, and $17.3 million during the years ended December 31, 2016, 2015 and 2014, respectively, and are included within the financing activities section of the accompanying consolidated statements of cash flows. The Company issued 132,344, 166,042 and 212,136 shares under restricted stock awards during the years ended December 31, 2016, 2015 and 2014, respectively.

On May 29, 2015, the Company filed a certificate of amendment to its Third Amended and Restated Certificate of Incorporation with the Secretary of State of the state of Delaware that increased the number of authorized shares of common stock from 125,000,000 shares to 187,500,000 shares.

In August 2015, the Company issued 944,537 shares of its common stock in a private placement. Cash received from the August 2015 private placement totaled $30.0 million and is included within the financing activities section of the accompanying consolidated statements of cash flows. These shares are included in the Company’s weighted average number of common stock outstanding.

Treasury Stock

On June 5, 2012, the Company’s Board of Directors authorized the Company to use a portion of the net proceeds of the 2017 notes offering to repurchase up to an aggregate of $50.0 million of its common stock. The Company repurchased 2,192,982 shares of its common stock in the second quarter of 2013 for an aggregate cost of $50.0 million. As of December 31, 2016, there were 2,192,982 shares of the Company’s common stock held in treasury.