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Stock Repurchase Program
12 Months Ended
Dec. 31, 2015
Stock Repurchase Program  
Stock repurchase program

18. Stock repurchase program

In October 2014, we announced that our Board of Directors authorized the repurchase of up to $6.0 million of our outstanding shares of common stock.  The shares may be purchased from time to time during a period ending on December 31, 2015.  The timing, price and quantity of purchases are at our discretion and the program may be discontinued or suspended at any time.  As of December 31, 2014, the total amount of common stock repurchased under the program was 0.5 million shares for an aggregate price of $0.8 million.

On August 4, 2015 and December 21, 2015, our Board of Directors expanded our share repurchase authorization by an incremental $5.2 million and $2.3 million, respectively.  Under the new authorizations, we may repurchase shares in the open market or as otherwise may be determined by us, subject to market conditions, business opportunities and other factors, at prices not to exceed $3.20 per share.  We have no obligation to repurchase shares under this program.  This authorization has no expiration date and may be suspended or terminated at any time.  For the year ended December 31, 2015, we repurchased 3.1 million shares for an aggregate price of $7.1 million.  These repurchases bring our total common stock repurchased under the program through December 31, 2015 to 3.6 million shares for an aggregate price of $7.9 million.  As of December 31, 2015, $5.6 million remains available for repurchase under the program.

From January 1, 2016 to February 29, 2016, we repurchased approximately 0.9 million shares of common stock for an aggregate price of $2.6 million. The total amount of common stock repurchased under the program through February 29, 2016 was 4.5 million shares for an aggregate price of $10.5 million.  As of February 29, 2016, $3.0 million remains available for repurchase under the program.