Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2016

Common Stock Purchased Including Purchase of Common Stock for Tax Withholdings

Common stock purchased in 2016, 2015 and 2014 (including the purchase of common stock for tax withholdings) was as follows:



For the Three Months Ended	Total Number of Shares Purchased		Average Price Paid Per Share⁽¹⁾		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Plans or Programs(Dollars in thousands)
2014
March 31,	—		$	—	—	$	15,000
June 30,	—		—		—	15,000
September 30,	—		—		—	15,000
December 31,	263,772		16.36		263,772	10,685
Total for 2014	263,772		$	16.36	263,772
2015
March 31,	247,797	⁽²⁾	$	17.31	27,467	$	14,536
June 30,	177,330		16.93		177,330	11,531
September 30,	502,942		16.52		502,942	3,224
December 31,	189,438		16.87		189,438	—
Total for 2015	1,117,507		$	16.82	897,177
2016
March 31,	291,861		$	16.76	291,861	$	5,106
June 30,	65,791		16.38		65,791	4,028
September 30,	13,884		16.46		13,884	3,800
December 31,	16,719		16.43		16,719	3,525
Total for 2016	388,255		$	16.67	388,255
Total	1,769,534		$	16.72	1,549,204


⁽¹⁾	Average price paid per share excludes commissions of approximately $15,410.


⁽²⁾	On March 6, 2015, we purchased a total of 220,330 shares of common stock from our CEO and other eligible employees at a price of $17.36 per share in payment of required tax withholdings for the common stock awarded under the 2011 LTIP.

Schedule of Earnings Per Share, Basic and Diluted

Diluted net income per share was equal to basic net income per share for the year ended December 31, 2016, 2015 and 2014 respectively.



	For the Year Ended December 31,
(in thousands, except for share and per share amounts)	2016		2015		2014
Numerator:
Net income	$	13,979	$	80,246	$	20,745

Denominator:
Weighted average shares used to compute net income per common share - basic and diluted	20,586,066		21,471,041		21,644,163
Basic and diluted net income per common share	$	0.68	$	3.74	$	0.96

Activities Under Equity Plan

The following table summarizes the activities under the 2012 Equity Plan from January 1, 2014 through December 31, 2016:



	Activity
Total equity securities available at January 1, 2014	1,720,752
Add: LTIP RSUs forfeited by eligible employees	57,338
Less: Common stock awarded to eligible employees	(5,820	)
Less: Restricted stock awarded to non-executive members of the Board of Directors	(24,684	)
Total equity securities available at December 31, 2014	1,747,586
Less: LTIP RSUs awarded to eligible employees, net of forfeitures	(242,468	)
Less: Restricted stock awarded to non-executive members of the Board of Directors	(21,887	)
Total equity securities available at December 31, 2015	1,483,231
Less: LTIP RSUs awarded to eligible employees, net of forfeitures and other	(212,643	)
Less: Restricted stock awarded to non-executive members of the Board of Directors	(23,649	)
Total equity securities available at December 31, 2016	1,246,939

Additional Awards Under 2011 LTIP

The following table details activities with respect to outstanding RSUs under the 2015 LTIP for the year ended December 31, 2016:



	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 January 1, 2015	—		$	—
Granted	260,900		$	17.35
Vested	—		—
Forfeited	(18,432	)	17.36
Non-vested RSUs at December 31, 2015	242,468		$	17.35	$	2,708	24
Granted	234,711		$	16.83
Vested	—		—
Forfeited	(25,686	)	17.05
Non-vested RSUs at December 31, 2016	451,493		$	17.10	$	1,882	18

Restricted Stock Vested by or Granted to Non-Executive Directors

The following table details information on the restricted stock awarded to our non-executive directors during the three years ended December 31, 2016:



Service for The Three Months Ended	Grant Date	Price Per Share⁽¹⁾		Restricted Stock Awarded
December 31, 2013	January 1, 2014	$	14.28	6,475
March 31, 2014	April 1, 2014	18.17		5,093
June 30, 2014	July 1, 2014	15.40		6,006
September 30, 2014	October 1, 2014	13.01		7,110
December 31, 2014	January 1, 2015	17.36		5,328
March 31, 2015	April 1, 2015	19.17		4,823
June 30, 2015	July 1, 2015	16.84		5,494
September 30, 2015	October 1, 2015	16.46		6,242
December 31, 2015⁽²⁾	January 1, 2016	18.32		5,869
March 31, 2016⁽²⁾	April 1, 2016	17.51		6,141
June 30, 2016⁽²⁾	July 1, 2016	19.17		5,605
September 30, 2016⁽²⁾	October 1, 2016	17.82		6,034
Total				70,220


⁽¹⁾	The quarterly restricted stock awarded is based on the price per share of our common stock on the last trading day prior to the quarterly award date.


⁽²⁾	The Board of Directors voted to grant a full award for services provided during the fourth quarter of 2016 and fully vest all unvested restricted stock for the Company's former Chairman of the Audit Committee who died on November 14, 2016.

Valuation Assumptions

The following assumptions were used for each respective period for employee stock-based compensation related to the 2016 ESPP:



	For the Year Ended December 31,
	2016	2015
Expected term (in years)	2.00	—
Volatility	7.89% - 8.03%	—
Risk-free interest rate	0.34% - 0.80%	—
Dividend payment	$0.125 - 0.250	$	—

Activities under equity plan from inception table

The following table summarizes the activities under the ESPP from January 1, 2016 through December 31, 2016:



	Activity
Total ESPP equity securities available at January 1, 2016	—
Plus: Registration of 2016 ESPP	250,000
Less: 2016 ESPP common stock purchased by eligible employees, net	(3,961	)
Total 2016 ESPP securities available at December 31, 2016	246,039