Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Stockholders' Equity [Abstract]

Stockholders' Equity

2. Stockholders' Equity 

Preferred Stock. The Company is authorized to issue 5,000,000 shares of preferred stock, none of which was outstanding as of December 31, 2015. The Board of Directors may determine the rights, preferences and privileges of any preferred stock issued in the future.

Common Stock. On November 1, 2013, the Company amended its Amended and Restated Certificate of Incorporation to increase the number of shares of common stock authorized for issuance from 20,000,000 to 100,000,000.

On August 30, 2013, the Company effected a 2-for-1 split of its outstanding common stock, pursuant to previously obtained stockholder authorization. The number of authorized shares of common stock was not changed. The stock split increased the Company's issued and outstanding shares of common stock as of August 30, 2013 from approximately 9,061,568 shares to approximately 18,123,136 shares. All share and per share numbers reflect the split and were applied on a retroactive basis.

Stock Repurchase Programs. On August 24, 2015, the Company announced a program to repurchase up to $25.0 million worth of the Company's outstanding common stock. On November 20, 2015, the Company increased the program to repurchase up to $35 million of the Company's common stock. Repurchases under the program may be made in open market and privately negotiated transactions in compliance with Securities and Exchange Commission Rule 10b-18, subject to market conditions, applicable legal requirements and other factors. The Company is not required to repurchase any amount of common stock in any period and the program may be modified or suspended at any time. The duration of the repurchase program is open-ended. For the year ended December 31, 2015, an aggregate of 2,196,632 shares of common stock had been repurchased under the program.

     On October 29, 2014, the Company announced a program to repurchase up to $15 million worth of the Company's outstanding common stock. For the years ended December 31, 2015 and 2014, an aggregate of 313,478 and 740,190 shares of common stock, respectively, had been repurchased under the October 2014 stock repurchase program.

     On November 30, 2011, the Company announced a program to repurchase up to $6 million worth of the Company's outstanding common stock. For the years ended December 31, 2015 and 2013, an aggregate of 1,081 and 158,798 shares of common stock, respectively, had been repurchased under the November 2011 stock repurchase program.

     Dividends. On November 14, 2014, the Company announced it had declared a cash dividend of $0.15 per share, which was payable on December 24, 2014 to holders of record on December 8, 2014. On November 7, 2013, the Company announced it had declared a cash dividend of $0.15 per share, which was payable on December 23, 2013 to holders of record on December 6, 2013. The Company did not declare a cash dividend in 2015.

Stockholder Rights Plan. On March 10, 2011, the Board of Directors entered into an Amended and Restated Rights Agreement (the “Restated Rights Plan”), which amended and restated the original rights agreement dated as of May 29, 2001 (the “Original Agreement”). In connection with the adoption of the Original Agreement, one preferred stock purchase right (a “Right”) was distributed for each outstanding share of common stock. Since the occurrence of a one-for-five reverse split of the common stock at the close of business on August 7, 2010, five Rights had been associated with each outstanding share of common stock. The Restated Rights Plan restores the initial one Right per share of common stock ratio of the Original Agreement, but is also subject to adjustment as provided in the Restated Rights Plan. Rights continue to be attached to all outstanding shares of common stock, and no separate Rights certificates have been distributed.

Rights will separate from the common stock and a "Distribution Date" will occur upon the earliest of the following: (i) a public announcement that a person, entity or group of affiliated or associated persons and/or entities (an "Acquiring Person") has acquired, or obtained the right to acquire, beneficial ownership of fifteen percent (15%) or more of the outstanding shares of common stock (other than (A) as a result of repurchases of stock by the Company or certain inadvertent actions by institutional or certain other stockholders, (B) the Company, any subsidiary of the Company or any employee benefit plan of the Company or any subsidiary, (C) Foxconn Holding Limited (which owned in excess of fifteen percent (15%) of the outstanding shares of common stock when the Original Agreement was implemented), so long as such entity, together with its affiliated or associated persons and/or entities, does not increase its beneficial ownership by more than one percent (1%) of the outstanding shares of common stock above the percentage held in May 2001 (or such lesser percentage as may result following any transfer of securities after such date until Foxconn beneficially owns less than fifteen percent (15%) of the outstanding shares of common stock)) and (D) certain other instances set forth in the Restated Rights Plan); or (ii) ten (10) business days (unless such date is extended by the Board of Directors) following the commencement of a tender offer or exchange offer which would result in any person, entity or group of affiliated or associated persons and/or entities becoming an Acquiring Person (unless such tender offer or exchange offer is a Permitted Offer as defined in the Restated Rights Plan). As soon as practicable following the Distribution Date, separate certificates evidencing the Rights ("Rights Certificates") will be mailed to holders of record of the common stock as of the close of business on the Distribution Date, and the separate Rights Certificates alone will evidence the Rights

     The Rights are not exercisable until the Distribution Date. The Rights will expire on the earliest of (i) May 29, 2021, (ii) consummation of a merger transaction with a person, entity or group who (x) acquired common stock pursuant to a Permitted Offer and (y) is offering in the merger the same price per share and form of consideration paid in the Permitted Offer or (iii) redemption or exchange of the Rights by the Company as described in the Amended Rights Plan.