Stockholders' Equity and Redeemable Instruments

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Stockholders' Equity and Redeemable Instruments

NOTE 7 – STOCKHOLDERS’ EQUITY AND REDEEMABLE INSTRUMENTS

As of December 31, 2016 and 2015, we had 5.0 million shares of preferred stock authorized with no shares issued or outstanding, 100.0 million shares of common stock authorized, approximately 32.1 million and 32.0 million shares of common stock issued and approximately 31.5 million shares and 31.4 million of common stock outstanding, all with par value of $0.01, and approximately 0.7 million and 0.6 million shares of treasury stock at cost, respectively.

In December 2014, we entered into a share repurchase agreement with Cetus Capital II, LLC, a related party, for the purchase of 300,000 shares of our common stock for an aggregate purchase price of $5.3 million, or $17.61 per share, which was the last reported sales price of the Company’s common stock on December 11, 2014. The effect of these treasury shares reducing the number of common shares outstanding is reflected in our earnings per share calculation. For additional information, see Note 10, Related Party Transactions.

In March 2015, we entered into a share repurchase agreement with Installed Building Systems, Inc. (“IBS”), a related party, for the purchase of 315 thousand shares of our common stock for a purchase price of approximately $6.1 million or $19.23 per share, which represented a 7.5% discount to the last reported price of our common stock on March 13, 2015. The effect of these treasury shares reducing the number of common shares outstanding is reflected in our earnings per share calculation. For additional information, see Note 10, Related Party Transactions.