Share Repurchase Program

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Share Repurchase Program

12. Share Repurchase Program

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 expired 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. For the six months ended June 30, 2016, the Company repurchased 41,667 shares of common stock at a cost of $5.4 million. As of June 30, 2016, approximately $19.6 million remains authorized for repurchase under the program.  Shares repurchased under each program will be held in treasury for future use.