Stockholders’ Equity — Our authorized capital stock consists of 75 million shares of common stock, par value $0.0001 per share, and 25 million shares of preferred stock, par value $0.0001 per share.

Changes in Stockholders’ Equity. Changes in stockholders’ equity for the nine months ended September 30, 2015 consisted of:



	(Dollars in thousands)
Balance at January 1, 2015	$	279,059
Net income for the nine months ended September 30, 2015	11,515
Cash dividends declared	(8,197		)
Amortization of stock based compensation	1,497
Stock repurchase - 2011 LTIP	(3,825		)
Stock repurchase - other	(11,804		)
Other	(108		)
Balance at September 30, 2015	$	268,137

General. At September 30, 2015 and December 31, 2014, there were 21,069,454 and 21,978,762 shares of common stock outstanding, respectively, and no shares of preferred stock outstanding.

The following table summarizes the activities under the 2012 Equity Incentive Award Plan (the "2012 Equity Plan") from inception through September 30, 2015:



	Activity
Total equity securities available at May 16, 2012	2,194,986
Add: 2011 LTIP RSUs forfeited by eligible employees	209,382
Add: 2015 LTIP RSUs forfeited by eligible employees	9,792
Add: Restricted shares of common stock ("restricted stock") forfeited by non-executive member of the Board of Directors	3,189
Less: 2011 LTIP RSUs awarded to eligible employees	(557,484	)
Less: Common stock awarded to eligible employees	(5,820	)
Less: Restricted stock awarded to non-executive members of the Board of Directors	(70,607	)
Less: STIP	(41,702	)
Less: 2015 LTIP RSUs awarded to eligible employees	(260,899	)
Total equity securities available at September 30, 2015	1,480,837

2015 LTIP. On December 9, 2014, our Board of Directors adopted a long-term incentive program (over a 36 month vesting period) that included a stock component in the form of RSUs. The 2015 LTIP provides eligible employees the opportunity to earn RSUs based upon the achievement of performance goals established by our Board of Directors for our consolidated revenue and operating cash flows (as defined by the Company) during the period of January 1, 2015 through December 31, 2017 (“the performance period”), and continued employment with the Company. Our Board of Directors also approved that future cash dividends related to the RSUs will be set aside and paid in cash to each eligible employee when the RSUs are converted into shares of common stock. Existing RSUs would be converted into shares of common stock on the earlier of a change in control of the Company (as defined in the 2012 Equity Plan) or on or after the third business day following the day that we file our 2017 Annual Report on Form 10-K ("2017 Annual Report”) with the SEC but in no event later than December 31, 2018. Any unvested RSUs awarded under the 2015 LTIP and the related cash dividends are forfeited if the participant terminates employment with the Company.

On January 2, 2015, our Board of Directors granted 254,777 RSUs to eligible employees under the 2012 Equity Plan for the 2015 LTIP pursuant to a Restricted Stock Unit Agreement with a grant date fair value of $4.4 million (net of estimated forfeitures). During the third quarter of 2015, 4,974 RSUs were issued with a grant date fair value of $0.1 million to individuals who became eligible to participate in the plan. For the nine months ended September 30, 2015, 6,122 RSUs with a grant date fair value of $0.2 million were issued to individuals who became eligible to participate in the plan. Additionally, 9,792 RSUs were forfeited by eligible employees who left the company during the period. As of September 30, 2015 there were 251,107 RSUs outstanding relating to the 2015 LTIP. A total of $0.4 million was included in stock based compensation expense for the three months ended September 30, 2015 relating to the 2015 LTIP.

The following table details activities with respect to RSUs issued and outstanding under the 2015 LTIP for the three months ended September 30, 2015:



	Shares		Weighted- Average Grant Date Fair Value		Total Unrecognized Compensation Cost (net of estimated forfeitures) (In thousands)		Weighted-Average Period Over Which Cost is Expected to be Recognized (In months)
Non-vested RSUs at July 1, 2015	255,925		$	17.36
Granted	4,974		16.72
Vested	—		—
Forfeited	(9,792	)	17.36
Non-vested RSUs at September 30, 2015	251,107		$	17.35	$	2,860	27

The following table reflects the stock based compensation expense for the awards under the 2015 LTIP and predecessor 2011 LTIP:



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Equity Awards	2015		2014		2015		2014
	(Dollars in thousands)
Common stock	$	—	$	85	$	—	$	85
2011 LTIP	—		930		—		2,486
2015 LTIP	301		—		1,220		—
Board of Directors Compensation	93		91		277		245
Total stock based compensation	$	394	$	1,106	$	1,497	$	2,816

The $0.4 million in stock based compensation expense for the 2015 LTIP for the three months ended September 30, 2015 relates to the 251,107 RSUs granted through September 30, 2015 to eligible employees. The 2011 LTIP vested on December 31, 2014 and was subsequently paid to eligible employees and therefore, we did not incur any additional expense in 2015 related to the 2011 LTIP. The increase in the Board of Directors compensation reflects the quarterly issuance of restricted stock to each director as part of their annual compensation for service on the Board of Directors.

Cash Dividends to Stockholders. The following table details our cash dividend payments made in 2015. Cash dividends paid as disclosed in the statements of cash flows for the nine months ended September 30, 2015 and 2014 included previously declared cash dividends on shares of vested restricted stock issued to our non-executive directors. Cash dividends on RSUs and restricted stock have been accrued and are paid when the applicable vesting conditions are met. Accrued cash dividends on forfeited restricted stock and RSUs are also forfeited.



Declaration Date	Record Date	Payment Date	Per Share Amount		Total Payment⁽¹⁾
					(Dollars in thousands)
March 4	March 18	March 30	$	0.125	$	2,715
April 30	May 22	June 25	0.125		2,713
July 28	August 19	September 10	0.125		2,666
	Total		$	0.375	$	8,094


⁽¹⁾	The total payment reflects the cash dividends paid in relation to common stock and vested restricted stock.

Future Cash Dividends to Stockholders. On October 28, 2015, our Board of Directors declared a regular quarterly cash dividend of $0.125 per share of common stock and a special dividend of $0.125 per share of common stock, both with a record date of November 18, 2015, and a payment date of December 10, 2015. These cash dividends of approximately $5.2 million will be paid from available cash on hand.

Common Stock Repurchase Program. On October 29, 2014, the Board of Directors extended the common stock repurchase program through December 31, 2015. In extending the common stock repurchase plan, the Board of Directors also maintained the repurchase authority of $15.0 million as of January 1, 2015. During the three months ended September 30, 2015, we purchased 502,942 shares of common stock for $8.3 million. For the nine months ended September 30, 2015, we purchased 707,739 shares of common stock for $11.8 million. At our current rate of stock repurchases, we expect to fully exhaust the funds in the existing common stock repurchase program in the fourth quarter of 2015.

On October 28, 2015, the Board of Directors extended the common stock repurchase program through December 31, 2016. In extending the common stock repurchase plan the Board of Directors reset the purchase authority of $10.0 million with the repurchase authority to begin the earlier of January 4, 2016 or the completion of the existing common stock repurchase program.

The following table presents information with respect to purchases made by the Company during the nine months ended September 30, 2015:



Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of the Publicly Announced Plans or Programs⁽¹⁾	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Plans or Programs⁽¹⁾⁽²⁾
					(Dollars in thousands)
Beginning Balance					$	15,000
January 1 through January 31, 2015	16,031	16.92		16,031	14,729
February 1 through February 28, 2015	1,234	16.98		1,234	14,708
March 1 through March 31, 2015	230,532	17.34		10,202	14,536
April 1 through April 30, 2015	—	—		—	14,536
May 1 through May 30, 2015	38,898	16.94		38,898	13,876
June 1, through June 30, 2015	138,432	16.98		138,432	11,531
July 1, through July 31, 2015	182,826	16.38		182,826	8,545
August 1, through August 31, 2015	156,408	16.63		156,408	5,950
September 1, through September 30, 2015	163,708	16.69		163,708	3,224
Total	928,069	$	16.84	707,739

Other. For 2015, the Board of Directors intends to return a minimum of $26.0 million to stockholders in a combination of dividends, common stock repurchases and/or special dividends.

Additional Paid-in Capital. For the nine months ended September 30, 2015, additional paid-in capital decreased by $13.4 million to $113.3 million at September 30, 2015 from $126.7 million at December 31, 2014. The decrease in the nine months ended September 30, 2015 was due primarily to the repurchase of shares of common stock through the stock repurchase program and the repurchase of shares of common stock for income tax withholding resulting from the issuance of common stock under the 2011 LTIP.

Net Income per Common Share. Basic net income per common share is computed on the basis of the weighted average common shares outstanding. Diluted net income per common share is computed on the basis of the weighted average common shares outstanding plus the effect of all potentially dilutive common shares including outstanding restricted stock and RSUs, which are treated as contingently issuable shares, using the “treasury stock” method. The components of basic and diluted net income per common share were as follows for the periods stated:



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2015		2014		2015		2014
	(Dollars in thousands, except share and per share amounts)
Net income	$	4,220	$	4,652	$	11,515	$	13,833
Weighted average shares of common stock outstanding	21,301,311		21,651,347		21,623,612		21,643,951
Dilutive effect of restricted stock and RSUs	51,527		484,207		63,914		445,941
Weighted average shares of common stock and common stock equivalents	21,352,838		22,135,554		21,687,526		22,089,892
Net income per common share
Basic	$	0.20	$	0.21	$	0.53	$	0.64
Diluted	$	0.20	$	0.21	$	0.53	$	0.63