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Note M - Share Repurchase Program
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
Treasury Stock [Text Block]
 
NOTE
M
—SHARE REPURCHASE PROGRAM
 
The Company’s Board of Directors approved a share repurchase plan effective in November 2013 and expiring in November 2015, which authorized 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, not to exceed the amount allowed under the Credit Facility. Our Credit Facility limits share repurchases to $75.0 million during the duration of the Credit Facility, net of new issuances as defined in the Credit Facility. 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
authorizes share repurchases in the aggregate up to $75.0 million, not to exceed the amount allowed under the Credit Facility.
 
Purchases under this program may be made from time to time at prevailing market prices in open market purchases or in privately negotiated transactions pursuant to Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended and in accordance with applicable insider trading and other securities laws and regulations. The purchases are funded from existing cash balances and/or borrowings, and the repurchased shares are held in treasury and used for general corporate purposes. The timing and extent to which the Company repurchases its shares will depend upon market conditions and other corporate considerations as may be considered in the Company’s sole discretion.
 
During the year ended December 31, 2015, the Company repurchased 638,654 shares totaling $22.3 million under this program. As of December 31, 2015, approximately $39.9 million remained available under the share repurchase plan.