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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2018

Changes in stockholders’ equity for the three months ended March 31, 2018 consisted of the following:



	(Dollars in thousands)
Balance at January 1, 2018	$	290,529
Adjustment to beginning balance resulting from adoption of ASC 606	6,258
Net income for the three months, ended March 31, 2018	511
Estimated tax impact resulting from adoption of ASC 606	(1,614		)
Cash dividends declared	(2,589		)
Common stock repurchase program	(1,927		)
Amortization of stock based compensation	1,234
Repurchase of common stock for tax withholdings	(892		)
Cumulative translation adjustment	(256		)
Balance at March 31, 2018	$	291,254

Cash Dividends Declared

The following table details our cash dividend payments made in 2018. Cash dividends paid as disclosed in the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2018 and 2017 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)
February 28, 2018	March 16, 2018	March 30, 2018	$	0.125	$	2,589
	Total		$	0.125	$	2,589

(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 three months ended March 31, 2018:



Period	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 Plans or Programs
					(Dollars in thousands)
Three Months Ended March 31, 2018	127,792	$	15.04	127,792	$	8,077
Total	127,792	$	15.04	127,792

⁽¹⁾ Average price paid per share excludes commissions of approximately $5,112.

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,
(in thousands, except for share and per share amounts)	2018		2017
Numerator:
Net income	$	511	$	854

Denominator:
Basic weighted average outstanding shares of common stock	20,027,800		20,530,739
Diluted weighted average outstanding shares of common stock	20,153,291		20,585,542
Basic and diluted net income per common share	$	0.03	$	0.04

Activities Under Equity Plan

The following table summarizes the activities under the 2012 Equity Incentive Award Plan ("2012 Equity Plan") from January 1, 2018 through March 31, 2018:



	Activity
Total equity securities available at January 1, 2018	1,140,658
RSU and restricted stock awarded to eligible employees, net of forfeitures	(331,454	)
Total equity securities available at March 31, 2018	809,204

The following table summarizes the activities under the ESPP from January 1, 2018 through March 31, 2018:



	Activity
Total ESPP equity securities available at January 1, 2018	228,279
Less: ESPP common stock purchased by eligible employees	—
Total ESPP securities available at March 31, 2018	228,279

Summary of Outstanding RSUs under 2011 LTIP

The following table details activities with respect to outstanding RSUs and restricted stock for the three months ended March 31, 2018:



	Shares		Weighted- Average Grant Date Fair Value
Unvested at January 1, 2018⁽¹⁾	393,084		$	18.54
Granted	334,035		16.47
Vested	—		—
Forfeited	(8,489	)	17.72
Unvested at March 31, 2018⁽¹⁾	718,630		$	17.59

⁽¹⁾ Approximately 99,451 RSUs from the 2016 grant are not expected to vest based on the Company's current assessment of the related performance obligations.

Stock Based Compensation Expense

The following table reflects the items for stock based compensation expense on the Condensed Consolidated Statement of Operations for the periods stated:



	For the Three Months Ended March 31,
(Dollars in thousands)	2018	2017
Performance-based RSUs	504	488
Time-based and restricted stock	713	452
ESPP	17	15
Total stock based compensation	1,234	955