Share Repurchase Program

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Share Repurchase Program

12. Share Repurchase Program

In January 2014, the Board of Directors of the Company authorized a two-year share repurchase program for up to $35.0 million of the Company’s common stock. In July 2014, the Board of Directors approved a $65.0 million increase in the size of the share repurchase program. 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 nine months ended September 30, 2015, the Company repurchased 238,201 shares of common stock at a cost of $20.0 million. For the nine months ended September 30, 2016, the Company repurchased 93,516 shares of common stock at a cost of $13.9 million. In October 2016, the Board of Directors approved a $50.0 million increase in the size of the current share repurchase program. Shares repurchased under each program will be held in treasury for future use.