13. Treasury Stock

In May 2016, the board of directors authorized the repurchase of up to $20.0 million of the Company's common stock from time to time at the discretion of the Company’s management. The stock repurchase authorization has no expiration date.

Under this program, the Company may repurchase shares in the open market and through privately negotiated transactions. Repurchases are funded with cash and cash generated from operations. The timing and amount of specific repurchase transactions will depend upon market conditions, corporate considerations and applicable legal and regulatory requirements. The Company accounts for repurchased shares of common stock as treasury stock. Treasury shares are recorded at cost and are included as a component of stockholders’ equity in our consolidated balance sheet.

A summary of the approved and active share buyback program is shown in the following table (in thousands, excluding transaction costs):

		Shares Repurchased		Average Price per Share		Value of Shares Repurchased		Remaining Amount Authorized
	(In thousands, except per share amounts)
Balance as of July 1, 2016								$	19,181
Repurchase of common stock			339	$	6.77	$	2,298		(2,298	)
Balance as of December 31, 2016								$	16,883

There were no share repurchases in the three or six months ended December 31, 2015.

There were no retirements of treasury stock during the three or six months ended December 31, 2016 and 2015.