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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2016

Changes in stockholders’ equity for the three months ended March 31, 2016 consisted of:



	(Dollars in thousands)
Balance at January 1, 2016	$	333,553
Net income for the three months ended March 31, 2016	3,444
Cash dividends declared	(2,638		)
Amortization of stock based compensation	637
Common stock repurchase program	(4,905		)
Balance at March 31, 2016	$	330,091

Activities Under Equity Plan

The following table summarizes the activities under the 2012 Equity Incentive Award Plan (the "2012 Equity Plan") from January 1, 2016 through March 31, 2016:



	Activity
Total equity securities available at January 1, 2016	1,483,235
Less: 2015 LTIP Restricted Stock Units ("RSUs") awarded to eligible employees, net	227,958
Less: Restricted common stock awarded to non-executive members of the Board of Directors	5,869
Total equity securities available at March 31, 2016	1,249,408

Summary of Outstanding RSUs under 2011 LTIP

The following table details activities with respect to RSUs issued and outstanding under the 2015 LTIP for the three months ended March 31, 2016:



	Shares		Weighted- Average Grant Date Fair Value		Total Unrecognized Compensation Cost		Weighted-Average Period Over Which Cost is Expected to be Recognized (In months)
Non-vested RSUs at January 1, 2016	242,468		$	17.35
Granted	232,164		16.83
Vested	—		—
Forfeited	(4,207	)	17.09
Non-vested RSUs at March 31, 2016	470,425		$	17.09	$	6,085	27

Schedule of Stock Based Compensation Expense for Awards Under Equity Plans

Compensation expense associated with RSUs and restricted common stock ("restricted stock") was recognized based on the fair value of the instruments, over the instruments’ vesting period. The following table reflects the statements of income line items for stock based compensation expense for the periods stated:



	For the Three Months Ended March 31,
Operating Expense Category	2016		2015
	(Dollars in thousands)
Cost of revenue (LTIP)	$	49	$	34
Service, rental and maintenance (LTIP)	52		29
Selling and marketing (LTIP)	48		51
General and administrative (LTIP)	380		236
General and administrative (Board of Directors Restricted Stock)	108		93
Total stock based compensation	$	637	$	443

Cash Dividends Declared

The following table details our cash dividend payments made in 2016. Cash dividends paid as disclosed in the statements of cash flows for the three months ended March 31, 2016 and 2015 included previously declared cash dividends on shares of vested restricted stock issued to our non-executive directors and dividends related to vested RSUs issued to eligible employees. 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)

February 24

March 18

March 30

0.125

2,580

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

Class of Treasury Stock

The following table presents information with respect to purchases made by the Company during the three months ended March 31, 2016:



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⁾
					(Dollars in thousands)
Beginning Balance					$	10,000
January 1 through January 31, 2016	152,198	$	16.53	152,198	7,484
February 1 through February 29, 2016	101,736	17.24		101,736	5,730
March 1 through March 31, 2016	37,927	16.44		37,927	5,107
Total	291,861	$	16.76	291,861

(1) In October 2015, the Board of Directors extended the common stock repurchase program through December 31, 2016, and maintained the repurchase authority of $10.0 million as of January 4, 2016.

Basic and Diluted Net Income Per Common Shares

The components of basic and diluted net income per common share were as follows for the periods stated:



	For the Three Months Ended March 31,
	2016		2015
	(Dollars in thousands, except share and per share amounts)
Net income	$	3,444	$	3,917
Weighted average shares of common stock outstanding	20,683,719		21,898,792
Dilutive effect of restricted stock and RSUs	161,942		154,223
Weighted average shares of common stock and common stock equivalents	20,845,661		22,053,015
Net income per common share
Basic	$	0.17	$	0.18
Diluted	$	0.17	$	0.18