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Note 15 - Share Repurchase Program
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Treasury Stock [Text Block]
NOTE
15
—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 as of the date of the amendment, 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,
2016,
the Company repurchased
317,493
shares totaling
$11.9
million under this program. As of
December
31,
2016,
approximately
$37.7
million remained available under the share repurchase plan.