Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Stockholders' Equity

11. Stockholders’ Equity

As of September 30, 2016 and December 31, 2015, the Company was authorized to issue two classes of stock: common stock and Series A Preferred Stock.

Common Stock

Each holder of common stock has one vote per share of common stock held on all matters that are submitted for stockholder vote. At September 30, 2016 and December 31, 2015, there were 500,000,000 shares of common stock authorized. At September 30, 2016 and December 31, 2015, there were 85,490,296 and 84,979,869 shares issued and outstanding, respectively. The Company did not hold any shares as treasury shares as of September 30, 2016 or December 31, 2015.

On January 22, 2016, the Company’s Board of Directors approved a program that authorizes the repurchase of up to $100 million of the Company’s common stock exclusive of any fees, commissions or other expenses relating to such repurchases through open market purchases or privately negotiated transactions at the prevailing market price at the time of purchase. The repurchase program was announced on January 25, 2016. The repurchased stock may be retired or held as authorized but unissued treasury shares. The repurchase authorizations do not obligate the Company to acquire any particular amount of common stock or adopt any particular method of repurchase and may be modified, suspended or terminated at any time at management’s discretion. Repurchased and retired shares will result in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted net income per share at the time of the transaction. During the nine months ended September 30, 2016, the Company repurchased and retired 724,473 shares of its common stock at a weighted-average share price of $20.37, or an aggregate of $14.8 million.

Series A Preferred Stock

The Company was authorized to issue 25,000,000 shares of preferred stock. There were no issued or outstanding shares of preferred stock as of September 30, 2016 or December 31, 2015.

The Company’s equity as of December 31, 2015 and September 30, 2016, and changes during the nine months ended September 30, 2016, were as follows:

	(in thousands)
Balance at December 31, 2015	$	877,596
Net income		35,920
Currency translation		(1,037	)
Stock-based compensation		19,175
Repurchases of common stock		(14,774	)
Shares repurchased and retired to satisfy tax withholding upon vesting		(1,205	)
Tax benefit related to stock-based compensation		22,114
Stock option exercises, net of withholdings and other		11,814
Balance at September 30, 2016	$	949,603