Share Repurchase Program

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Share Repurchase Program

12. Share Repurchase Program

In January 2016, the Board of Directors authorized a two-year share repurchase program for up to $25.0 million of the Company’s common stock. In October 2016, the Board of Directors approved a $50.0 million increase in the size of the repurchase program. For the nine months ended September 30, 2017, the Company repurchased 191,394 shares of common stock at a cost of $36.4 million. In September 2017, the existing share repurchase plan was terminated and the Board of Directors authorized a new fifteen-month share repurchase program for up to $100 million commencing in October 2017. Shares repurchased under each program will be held in treasury for future use.