Share Repurchase Program

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Share Repurchase Program

NOTE 11 – SHARE REPURCHASE PROGRAM

The Company’s current share repurchase program, which expires November 4, 2017, allows for share repurchases in the aggregate up to $75.0 million under shares repurchase plans approved by the Board of Directors pursuant to Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934.  As part of the Company’s modification of the Credit Facility, the Credit Facility limits on share repurchases were eliminated to permit unlimited share repurchases, provided the Company’s Leverage Ratio, prior to and after giving effect to such repurchases, is not greater than 3.25 to 1.00. As of September 30, 2017, approximately $25.7 million remained available for share repurchases.

During September 2017, the Board of Directors approved a new repurchase program and repurchase plan effective November 4, 2017 with a limit of $100.0 million.  The limitation under the Credit Facility remains unchanged.