Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Stockholders' Equity

9. Stockholders’ Equity

Common Stock

As of December 31, 2015 and 2014, the Company had 110,000,000 authorized shares of voting common stock and 10,000,000 authorized shares of non-voting common stock. Voting common stock entitles the holder to one vote per share of common stock held.

The following is a summary of the change in the Company’s outstanding shares of voting common stock:

	Year Ended December 31,
		2015		2014		2013
	(In thousands)
Outstanding shares of voting common stock at the beginning of year		37,319		37,729		37,407
Exercise of stock options		183		120		256
Issuance of restricted stock, net of shares withheld for tax payments    and cancellations		178		116		66
Repurchases		(271	)	(646	)	—
Outstanding shares of voting common stock at the end of year		37,409		37,319		37,729

In January 2014, the Board of Directors of the Company authorized a share repurchase program for up to $35.0 million of the Company’s common stock. In July 2014, the Board of Directors increased the authorization under the share repurchase program by an additional $65.0 million of the Company’s common stock. The share repurchase program will expire on February 29, 2016. In January 2016, the Board of Directors authorized a new two-year share repurchase program for up to $25.0 million of the Company’s common stock. Shares repurchased under the programs will be held in treasury for future use.  

Dividends