Note 9 - Share Repurchase Program

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Treasury Stock [Text Block]

Note 9. Share Repurchase Program

The Company’s Board of Directors approved a share repurchase plan effective in November 2013 and expiring in November 2015, authorizing the Company to repurchase its outstanding common stock.

In March 2015, the plan was amended to increase the amount authorized for repurchases from $35.0 million to $75.0 million. In the third quarter of 2015, the Company’s Board of Directors approved a new share repurchase plan effective in November 2015 that extends the share repurchase plan through November 2017 and continues to authorize share repurchases in the aggregate up to $75.0 million, not to exceed the amount allowed under the Credit Facility.

The share repurchases are funded from existing cash balances and/or borrowings, and the repurchased shares are held in treasury and used for general corporate purposes. During the nine months ended September 30, 2015, the Company repurchased 406,234 shares totaling $14.7 million under this program. Of the $75.0 million approved for share repurchases, approximately $30.6 million remained available as of September 30, 2015.