Share Repurchase Program

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Share Repurchase Program

Share Repurchase Program

On February 12, 2015, the Company announced that its Board of Directors approved a share repurchase program authorizing the repurchase of up to an aggregate of $20 million of its common stock through open market and privately negotiated transactions over a two-year period. The timing and amount of any share repurchases will be determined based on market conditions, share price and other factors, and the program may be discontinued or suspended at any time. Repurchases will be made in compliance with SEC rules and other legal requirements.

During the three and six months ended June 30, 2016, the Company did not repurchase any shares of its common stock. During the three months ended June 30, 2015, the Company repurchased 219,163 shares of its common stock for $1.4 million in the aggregate at an average cost of $6.38 per share. During the six months ended June 30, 2015, the Company repurchased 763,787 shares of its common stock for $4.9 million in the aggregate at an average cost of $6.41 per share. Shares repurchased under this program are recorded at acquisition cost, including related expenses.