Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity

Stockholders' Equity

12.  Stockholders’ Equity

Stock Repurchases

On March 29, 2016 the Company announced that the Company’s Board of Directors approved a share repurchase program, under which the Company is authorized to purchase up to $15,000 of common stock over an eighteen month period commencing March 25, 2016. The repurchases may be made, from time to time, in the open market or by privately negotiated transactions, and are expected to be funded from cash on hand. The share repurchase program may be suspended, modified or discontinued at any time. As of December 31, 2016, $8,963 remained of our $15,000 repurchase program.  For accounting purposes, common stock repurchased under our stock repurchase program is recorded based upon the purchase date of the applicable trade. Such repurchased shares are held in treasury and are presented using the cost method.

We repurchased the following shares of common stock under the above-described repurchase program during 2016:

	Shares	Amount(1)
First Quarter	—	$	—
Second Quarter	177,980	339
Third Quarter	621,528	1,183
Fourth Quarter	2,062,124	4,515
Total	2,861,632	$	6,037

(1) Amounts include broker commissions

For accounting purposes, common stock repurchased under our stock repurchase program is recorded based upon the purchase date of the applicable trade. Such repurchased shares are held in treasury and are presented using the cost method.

Warrants to Purchase Common Stock

Prior to the Company’s IPO in 2013, the Company issued certain warrants to purchase preferred stock in connection with its financing arrangements.  These warrants to purchase preferred stock were exercisable at any time prior to expiration.  The Company concluded that freestanding warrants and other similar instruments on shares that are redeemable (either put-able or mandatorily redeemable) were accounted for as liabilities, regardless of the timing of the redemption feature or price, even though the underlying shares may be classified as equity.

On July 2, 2013, in connection with the closing of the Company’s IPO, all of the Company’s outstanding warrants to purchase preferred stock were converted into warrants to purchase common stock in the aggregate of 142,534 shares of common stock.  This conversion resulted in the warrants to purchase common stock being reclassified to additional paid-in capital.

Mark-to-market income related to the fair value measurement of these warrants to purchase preferred stock was $313 for the year ended December 31, 2013 (through July 2, 2013).

On July 25, 2013, SVB exercised, in full, the following warrants to acquire common stock pursuant to a cashless net exercise: (i) warrants to acquire 17,607 shares of common stock, net of 14,052 shares of common stock tendered to the Company, at an exercise price of $3.79 per share, with an expiration date of February 8, 2020, (ii) warrants to acquire 16,210 shares of common stock, net of 19,321 shares of common stock tendered to the Company, at an exercise price of $4.64 per share, with an expiration date of December 7, 2018 and (iii) warrants to acquire 30,250 shares of common stock, net of 5,270 shares of common stock tendered to the Company, at an exercise price of $1.27 per share, with an expiration date of June 7, 2017.  The number of shares tendered to the Company to satisfy the exercise price for the warrants was based on the closing price of the Company’s common stock on July 24, 2013.  In aggregate, the Company issued 64,067 shares of common stock to SVB in connection with these exercises.

On June 26, 2016, 8,694 warrants at an exercise price of $5.76 per share expired.

The following table summarizes the Company’s outstanding warrants to purchase common stock as of December 31, 2016:

		Exercise Price		Warrants
Grant Date	Expiration Date	Per Share		Outstanding
October 28, 2013	June 30, 2017	$	2.46	31,130