Stock repurchase program	3 Months Ended
Mar. 31, 2016
Stock Repurchase Program
Stock repurchase program	12. Stock Repurchases Stock repurchase program In October 2014, the Company announced that its Board of Directors authorized the repurchase of up to $6.0 million of the Company’s outstanding shares of common stock. On August 4, 2015 and December 21, 2015, the Board expanded its share repurchase authorization by an incremental $5.2 million and $2.3 million, respectively. 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. This authorization has no expiration date and may be suspended or terminated at any time. From January 1, 2016 to March 9, 2016, prior to the tender offer discussed below, the Company repurchased approximately 1.3 million shares of common stock for an aggregate price of $3.6 million. The total amount of common stock repurchased under the program through March 9, 2016 was 4.9 million shares for an aggregate price of $11.5 million. As of March 9, 2016, $2.0 million remained available for repurchase under the program. As of March 10, 2016, the stock repurchase program was suspended in connection with the tender offer, and may not be reinstated in accordance with applicable law until at least ten business days after the expiration time (described in tender offer section below). Tender offer On March 10, 2016, the Board of Directors authorized the Company to commence a modified “Dutch auction” tender offer to repurchase up to $15.0 million of its outstanding shares of common stock at a tender price of not less than $3.20 per share or greater than $3.60 per share. The tender offer commenced on March 14, 2016 and expired on April 11, 2016. On April 12, 2016, the Company paid $13.9 million, including transaction costs, to repurchase approximately 3.9 million shares at a tender price of $3.60 per share. The purchase price and all transaction costs were funded from the Citizens Bank Credit Facility (described above in Note 9). The repurchased shares of common stock became treasury shares of the Company.

12. Stock Repurchases

Stock repurchase program

In October 2014, the Company announced that its Board of Directors authorized the repurchase of up to $6.0 million of the Company’s outstanding shares of common stock. On August 4, 2015 and December 21, 2015, the Board expanded its share repurchase authorization by an incremental $5.2 million and $2.3 million, respectively. 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. This authorization has no expiration date and may be suspended or terminated at any time.

From January 1, 2016 to March 9, 2016, prior to the tender offer discussed below, the Company repurchased approximately 1.3 million shares of common stock for an aggregate price of $3.6 million. The total amount of common stock repurchased under the program through March 9, 2016 was 4.9 million shares for an aggregate price of $11.5 million. As of March 9, 2016, $2.0 million remained available for repurchase under the program. As of March 10, 2016, the stock repurchase program was suspended in connection with the tender offer, and may not be reinstated in accordance with applicable law until at least ten business days after the expiration time (described in tender offer section below).

Tender offer

On March 10, 2016, the Board of Directors authorized the Company to commence a modified “Dutch auction” tender offer to repurchase up to $15.0 million of its outstanding shares of common stock at a tender price of not less than $3.20 per share or greater than $3.60 per share. The tender offer commenced on March 14, 2016 and expired on April 11, 2016. On April 12, 2016, the Company paid $13.9 million, including transaction costs, to repurchase approximately 3.9 million shares at a tender price of $3.60 per share. The purchase price and all transaction costs were funded from the Citizens Bank Credit Facility (described above in Note 9). The repurchased shares of common stock became treasury shares of the Company.