Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Changes in Stockholders' Equity

Changes in stockholders’ equity for the nine months ended September 30, 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	6,671
Net loss for the nine months, ended September 30, 2018	(946		)
Estimated tax impact resulting from adoption of ASC 606	(1,614		)
Cash dividends declared	(7,627		)
Common stock repurchase program	(10,026		)
Amortization of stock based compensation	3,922
Repurchase of common stock for tax withholdings	(978		)
Cumulative translation adjustment	(965		)
Issuance of common stock under the Employee Stock Purchase Plan	143
Balance at September 30, 2018	$	279,109

Cash Dividends Declared

The following table details our cash dividends declared in 2018. Cash dividends paid as disclosed in the Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 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 Declared(1)
					(Dollars in thousands)
February 28, 2018	March 16, 2018	March 30, 2018	$	0.125	$	2,589
April 25, 2018	May 25, 2018	June 22, 2018	0.125		2,538
July 25, 2018	August 17, 2018	September 10, 2018	0.125		2,500
	Total		$	0.375	$	7,627

(1) The total declared reflects the cash dividends declared in relation to common stock and unvested RSUs.

Share Repurchase Plan

The following table presents information with respect to purchases made by the Company during the nine months ended September 30, 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 (2)
					(Dollars in thousands)
Three Months Ended March 31, 2018	127,792	$	15.04	127,792	$	8,077
Three Months Ended June 30, 2018	501,782	14.99		501,782	$	558
Three Months Ended September 30, 2018	36,542	$	15.25	36,542	10,000
Total	666,116	$	15.01	666,116

⁽¹⁾ Average price paid per share excludes commissions of approximately $26,645.

⁽²⁾ Approval of additional $10.0 million of share repurchases in August 2018.

Basic and Diluted Net Income Per Common Shares

The components of basic and diluted net (loss) 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,
(in thousands, except for share and per share amounts)	2018			2017		2018			2017
Numerator:
Net (loss) income	$	(481	)	$	3,727	$	(946	)	$	6,078
Denominator:
Basic weighted average outstanding shares of common stock	19,456,149			19,977,263		19,742,869			20,285,240
Diluted weighted average outstanding shares of common stock	19,456,149			20,008,321		19,742,869			20,362,774
Basic and diluted net (loss) income per common share	$	(0.02	)	$	0.19	$	(0.05	)	$	0.30

Antidilutive Securities Excluded from Computation of Net Income Per Share

For the three and nine months ended September 30, 2018 and 2017 the following securities were excluded from the calculation of diluted shares outstanding as the effect would have been anti-dilutive:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2018		2017		2018		2017
Restricted stock units	$	107,139	$	—	$	162,648	$	—

Activities Under Equity Plan

The following table summarizes the activities under the 2012 Equity Plan from January 1, 2018 through September 30, 2018:

	Activity
Total equity securities available at January 1, 2018	1,140,658
RSU and restricted stock awarded to eligible employees, net of forfeitures	(328,428	)
Total equity securities available at September 30, 2018	812,230

The following table summarizes the activities under the ESPP from January 1, 2018 through September 30, 2018:

	Activity
Total ESPP equity securities available at January 1, 2018	228,279
ESPP common stock purchased by eligible employees	11,581
Total ESPP securities available at September 30, 2018	216,698

Summary of Outstanding RSUs under 2011 LTIP

The following table details activities with respect to outstanding RSUs and restricted stock for the nine months ended September 30, 2018:

	Shares		Weighted- Average Grant Date Fair Value
Unvested at January 1, 2018(1)	393,084		$	18.54
Granted	334,035		15.65
Vested	(29,257	)	16.21
Forfeited	(23,849	)	17.37
Unvested at September 30, 2018(1)	674,013		$	17.25

⁽¹⁾ Approximately 99,133 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 September 30,				For the Nine Months Ended September 30,
(Dollars in thousands)	2018		2017		2018		2017
Performance-based RSUs	$	655	$	388	$	1,677	$	1,385
Time-based and restricted stock	750		458		2,194		1,384
ESPP	18		16		51		46
Total stock based compensation	$	1,423	$	862	$	3,922	$	2,815