Stockholders' Equity

3 Months Ended

Mar. 31, 2015

Stockholders' Equity

Stockholders' Equity

Note 9.  Stockholders’ Equity

Common Stock

The Company has authorized 100 million shares of Common Stock. Holders of the Company’s Common Stock are entitled to one vote per share. As of March 31, 2015 and December 31, 2014, the Company had 16,725,000 shares and 16,748,000 shares of Common Stock outstanding, respectively.

In May 2014, the Company’s Board of Directors authorized a program that would allow the Company to repurchase up to $25 million of its outstanding Common Stock over the next 12 months (the “2014 Stock Purchase Program”).  Purchases by the Company under the 2014 Stock Purchase Program would be made from time to time in the open market or in privately negotiated transactions in accordance with the requirements of applicable law. The timing and amount of any purchases will depend on share price, market conditions and other factors. The 2014 Stock Purchase Program does not require the Company to purchase any specific number of shares and may be suspended or discontinued at any time. The 2014 Stock Purchase Program replaced a $10 million repurchase program in place during the preceding 12 months that expired in May 2014 (the “2013 Stock Purchase Program”).

For the three months ended March 31, 2015 the Company acquired approximately 58,100 shares of Common Stock at a cost of $3.3 million pursuant to the 2014 Stock Purchase Program.  For the three months ended March 31, 2014, there were no purchases under the 2013 Stock Purchase Program. For the three months ended March 31, 2015, the Company acquired fewer than 1,000 shares of Common Stock at a cost of less than $0.1 million for shares surrendered by employees to pay taxes due on vested restricted stock awards. For the three months ended March 31, 2014, the Company acquired approximately 3,000 shares of Common Stock at a cost of $0.1 million for shares surrendered by employees to pay taxes due on vested restricted stock awards and SARs exercised.