11.	Treasury Stock

During the 2016 fourth quarter, the Company’s Board of Directors authorized the repurchase of up to $10.0 million of the Company’s stock over a two year period of time. This repurchase authorization replaced the previously outstanding authorization. The Company purchased 384,000 shares for treasury during the 2017 first quarter. At March 31, 2017, the Company has approximately $6.9 million left in its current stock repurchase authorization. The Company issued 58,000 shares out of treasury stock primarily to fulfill the share requirements from purchases of stock in the Non-Employee Director Deferred Compensation Plan, stock option exercises, and restricted stock grants during the 2017 first quarter.

The Company did not purchase any shares for treasury during the 2016 first quarter. At April 1, 2016, approximately 0.5 million shares remained authorized for future purchases. The Company issued 148,000 shares out of treasury stock primarily to fulfill the share requirements from stock option exercises and restricted stock grants during the 2016 first quarter.

During the 2016 second quarter, the Company terminated its Stock Employee Compensation Trust (SECT) and Omnibus Stock Trust, and recorded the remaining shares in those trusts, totaling approximately 2.8 million shares, as treasury stock. The trusts had previously been established to fund employee stock plans and benefit programs. In the 2016 first quarter, the trustee of the SECT released 0.5 million shares from the trust at the Company’s request to fulfill a restricted stock grant.