Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2019

The following table details our cash dividends declared in 2019. Cash dividends paid as disclosed in the Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2019 and 2018 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 27, 2019	March 15, 2019	March 29, 2019	$	0.125	$	2,479
April 24, 2019	May 24, 2019	June 24, 2019	0.125		2,480
July 31, 2019	August 16, 2019	September 10, 2019	0.125		2,471
	Total		$	0.375	$	7,430

(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, 2019:



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)
Balance at January 1, 2019					$	6,555
Three Months Ended March 31, 2019	131,012	$	13.77	131,012	$	4,749
Three Months Ended June 30, 2019	—	—		—	$	4,749
Three Months Ended September 30, 2019	401,342	$	11.83	401,342	—
Total	532,354	$	12.31	532,354

⁽¹⁾ Average price paid per share excludes commissions of approximately $21,294.

Basic and Diluted Net Income Per Common Shares

The components of basic and diluted net loss 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)	2019			2018			2019			2018
Numerator:
Net loss	$	(1,326	)	$	(840	)	$	(1,255	)	$	(1,667	)

Denominator:
Basic and diluted weighted average outstanding shares of common stock	19,086,811			19,456,149			19,166,812			19,742,869
Basic and diluted net loss per common share	$	(0.07	)	$	(0.04	)	$	(0.07	)	$	(0.09	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

For the three and nine months ended September 30, 2019 and 2018 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,
	2019		2018		2019		2018
Restricted stock units	$	129,973	$	107,139	$	179,576	$	162,648

Activities Under Equity Plan

The following table summarizes the activities under the 2012 Equity Plan from January 1, 2019 through September 30, 2019:



	Activity
Total equity securities available at January 1, 2019	904,437
RSU and restricted stock awarded to eligible employees, net of forfeitures	(248,955	)
Total equity securities available at September 30, 2019	655,482

The following table summarizes the activities under the ESPP from January 1, 2019 through September 30, 2019:



	Activity
Total ESPP equity securities available at January 1, 2019	208,159
ESPP common stock purchased by eligible employees	(9,876	)
Total ESPP securities available at September 30, 2019	198,283

Summary of Outstanding RSUs

The following table details activities with respect to outstanding RSUs and restricted stock for the nine months ended September 30, 2019:



	Shares		Weighted- Average Grant Date Fair Value
Unvested at January 1, 2019	404,325		$	17.27
Granted	356,176		13.26
Vested	(14,057	)	15.65
Forfeited	(130,364	)	15.49
Unvested at September 30, 2019	616,080		$	15.37

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)	2019		2018		2019		2018
Performance-based RSUs	$	397	$	655	$	939	$	1,677
Time-based RSUs and restricted stock	546		750		1,520		2,194
ESPP	21		18		62		51
Total stock-based compensation	$	964	$	1,423	$	2,521	$	3,922