Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Amendment to the Certificate of Incorporation

On May 19, 2015, the Company’s stockholders approved an amendment to the Certificate of Incorporation increasing the total number of authorized shares of common stock from 50,000,000 to 100,000,000.

Dividends

On May 25, 2016, the Board of Directors approved a two-for-one stock split of the Company’s outstanding common stock, effected through a stock dividend. The additional shares were distributed on June 27, 2016 to stockholders of record at the close of business on June 9, 2016. All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect this two-for-one stock split for all periods presented.

On October 19, 2011, the Company announced the commencement of a quarterly dividend program. The Company's intentions are to continue increasing its dividends per share over time; however, the payment of any future dividends will be determined by the Company’s Board of Directors in light of then existing conditions, including the Company’s earnings, financial condition and capital requirements, strategic alternatives, restrictions in financing agreements, business conditions and other factors. The Credit Facility places certain limits on the Company’s ability to pay cash dividends on its common stock. (See Note 8 - Long-term Debt.)

The Board of Directors approved the following cash dividends in 2016 (in millions, except per share data):

Declaration Date	Dividends Per Share	Record Date	Cash Payment Amount (1)	Payment Date
February 24, 2016	$0.08	March 11, 2016	$3.8	March 28, 2016
May 9, 2016	$0.08	May 25, 2016	$3.7	June 15, 2016
August 8, 2016	$0.08	August 24, 2016	$3.8	September 15, 2016
November 4, 2016	$0.09	November 23, 2016	$4.2	December 15, 2016

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(1) Includes cash payments on declared dividends and payments made on RSUs vested subsequent to the payment date.

The Company paid total dividends of $15.5 million, $12.8 million and $10.7 million in 2016, 2015 and 2014, respectively. Dividends declared and paid per common share were $0.33, $0.29 and $0.23 in 2016, 2015 and 2014, respectively.

On February 28, 2017 the Board of Directors declared a quarterly cash dividend of $0.09 per common share, which is payable on March 28, 2017 to shareholders of record as of close of business on March 13, 2017.

Repurchase of Common Stock

In May 2013, the Company’s Board of Directors authorized a $30 million increase to its stock repurchase plan. At the time of increase, the Company had $2.3 million remaining under its stock repurchase plan. The share repurchase program may be discontinued or amended at any time. The program has no expiration date and expires when the amount authorized has been expended or the Board of Directors withdraws its authorization. As of December 31, 2016 and 2015, the Company had $2.6 million and $11.5 million, respectively, available for future share repurchases under the program.

The following table summarizes the Company’s stock repurchase activities for the years ended December 31, 2016 and 2015:

	Year Ended December 31,
	2016		2015
Number of shares repurchased	237,869		302,366
Average price per share	$	37.76	$	30.35
Total repurchase costs (in millions)	$	8.9	$	9.2