Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2017

Changes in stockholders’ equity for the six months ended June 30, 2017 consisted of the following:



	(Dollars in thousands)
Balance at January 1, 2017	$	322,087
Net income for the six months ended June 30, 2017	2,352
Cash dividends declared	(5,221		)
Common stock repurchase program	(10,024		)
Amortization of stock based compensation	1,953
Other	363
Balance at June 30, 2017	$	311,510

Cash Dividends Declared

The following table details our cash dividend payments made in 2017. Cash dividends paid as disclosed in the condensed consolidated statements of cash flows for the six months ended June 30, 2017 and 2016 include previously declared cash dividends on shares of vested restricted common stock ("restricted stock") issued to our non-executive directors and dividends related to vested restricted stock units ("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)
December 20, 2016	January 4, 2017	January 17, 2017	$	0.250	$	5,128
March 1, 2017	March 17, 2017	March 30, 2017	0.125		2,566
April 26, 2017	May 23, 2017	June 23, 2017	0.125		2,545
	Total		$	0.500	$	10,239

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

Share Repurchase Plan

The following table presents information with respect to purchases made by the Company during the six months ended June 30, 2017:



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	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Plans or Programs
					(Dollars in thousands)
Beginning Balance					$	10,000
Three Months Ended June 30, 2017	572,550	17.47		572,550	—
Total	572,550	$	17.47	572,550

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 June 30,				For the Six Months Ended June 30,
(in thousands, except for share and per share amounts)	2017		2016		2017		2016
Numerator:
Net income	$	1,498	$	3,451	$	2,352	$	6,895

Denominator:
Weighted average shares used to compute net income per common share - basic	20,353,801		20,568,058		20,441,781		20,637,070
Weighted average shares used to compute net income per common share - diluted	20,366,102		20,568,058		20,508,473		20,637,070
Basic net income per common share	$	0.07	$	0.17	$	0.12	$	0.33
Diluted net income per common share	$	0.07	$	0.17	$	0.11	$	0.33

Summary of Outstanding RSUs under 2011 LTIP

The following table details activities with respect to RSUs issued and outstanding under the 2017 time based LTIP grant for the six months ended June 30, 2017:



	Shares		Weighted- Average Grant Date Fair Value		Total Unrecognized Compensation Cost (Dollars in thousands)		Weighted-Average Period Over Which Cost is Expected to be Recognized (In months)
Non-vested RSUs at January 1, 2017	—		$	—
Granted	118,433		20.52
Vested	—		—
Forfeited	(962	)	20.75
Non-vested RSUs at June 30, 2017	117,471		$	20.52	$	1,696	18

The following table details activities with respect to RSUs issued and outstanding under the 2015 LTIP for the six months ended June 30, 2017:



	Shares		Weighted- Average Grant Date Fair Value		Total Unrecognized Compensation Cost (Dollars in thousands)		Weighted-Average Period Over Which Cost is Expected to be Recognized (In months)
Non-vested RSUs at January 1, 2017	451,493		$	17.10
Granted	118,467		20.52
Vested	—		—
Forfeited	(6,265	)	17.52
Non-vested RSUs at June 30, 2017	563,695		$	17.81	$	3,264	18

Activities Under Equity Plan

The following table summarizes the activities under the 2012 Equity Incentive Award Plan ("2012 Equity Plan") from January 1, 2017 through June 30, 2017:



	Activity
Total equity securities available at January 1, 2017	1,246,939
Less: 2015 Performance-Based LTIP RSUs awarded to eligible employees, net of forfeitures	112,202
Less: 2017 Time-Based LTIP RSUs awarded to eligible employees, net of forfeitures	117,471
Less: Restricted stock awarded to non-executive members of the Board of Directors	10,047
Total equity securities available at June 30, 2017	1,007,219

For the three and six months ended June 30, 2017, 8,983 shares of common stock were purchased for a total cost of $0.1 million. No shares were purchased during the corresponding time periods in 2016. The following table summarizes the activities under the ESPP from January 1, 2017 through June 30, 2017:



	Activity
Total ESPP equity securities available at January 1, 2017	246,039
Less: ESPP common stock purchased by eligible employees	8,983
Total ESPP securities available at June 30, 2017	237,056