Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Stockholders’ Equity

At December 31, 2019 and 2018 there were 18,073,763 and 17,784,769 shares of the Company’s Common Stock issued, respectively, including 5,088,782 and 4,970,093 treasury shares at December 31, 2019 and 2018, respectively.

Subject to the rights specifically granted to holders of any then outstanding shares of the Company’s Preferred Stock, the Company’s common stockholders are entitled to vote together as a class on all matters submitted to a vote of the Company’s common stockholders, and are entitled to any dividends that may be declared by the Board. The Company’s common stockholders do not have cumulative voting rights. Upon the Company’s dissolution, liquidation or winding up, holders of the Company’s Common Stock are entitled to share ratably in the Company’s net assets after payment or provision for all liabilities and any preferential liquidation rights of the Company’s Preferred Stock then outstanding. The Company’s common stockholders do not have preemptive rights to purchase shares of the Company’s stock. The issued and outstanding shares of the Company’s Common Stock are not subject to any redemption provisions and are not convertible into any other shares of the Company’s capital stock. The rights, preferences and privileges of holders of the Company’s Common Stock will be subject to those of the holders of any shares of the Company’s Preferred Stock the Company may issue in the future.

The following table reflects the total number of shares of the Company’s Common Stock reserved for future issuance as of December 31, 2019:


Shares of common stock reserved for:
Exercise of stock options and restricted stock awards			729,601
Conversion of preferred stock to common stock			2,002,979
Total shares of common stock reserved for future issuance			2,732,580

Issuer Purchases of Equity Securities

On August 6, 2019, the Board authorized a new stock repurchase program under which the Company may repurchase up to $100,000 in aggregate value of the Company’s Common Stock, subject to the consent of the holders of a majority of the Company’s Series A convertible preferred stock, through December 31, 2019, at which time it expired. A total of 105,421 shares were repurchased under this program at approximately $5,988 during the year ended December 31, 2019.

Equity Award Withholding

During the years ended December 31, 2019, 2018 and 2017, the Company withheld 13,268, 5,242 and 19,556 shares, respectively, from employees to cover the settlement of income tax and related benefit withholding obligations arising from vesting of restricted stock awards and units. In addition, during the year ended December 31, 2018, the Company withheld 12,676 shares from employees to cover the settlement of income tax and related benefit withholding obligations and the exercise price upon the exercise of stock options. No shares were withheld during year ended December 31, 2019 for the exercise of stock options.