SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

The Company's common stock has a par value of $0.01 per share. The common stock outstanding activity for each of the years ended December 31, 2016, 2015, and 2014 was as follows (in shares):

	Common Stock
	2016		2015		2014
Balance at beginning of year	12,838,227		12,821,768		12,397,867
Shares issued under stock offering program	—		—		403,863
Shares distributed/exercised	101,759		36,464		23,738
Shares purchased	(45,776	)	(18,605	)	—
Shares forfeited	(416	)	(1,400	)	(3,700	)
Balance at end of year	12,893,794		12,838,227		12,821,768

On August 9, 2013, the Company entered into a sales agreement (the “Agreement”) with an independent sales agent (“Agent”), under which the Company could sell shares of its common stock, par value $0.01 per share (the “Shares”), having an aggregate offering price of up to $25.0 million through the Agent. Under the Agreement, the Agent could sell the Shares by methods deemed to be an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. The Company's Board of Directors authorized this program for a period of one year ending August 8, 2014. As of December 31, 2014, 1,014,252 shares had been sold under the Agreement for aggregated net proceeds of $14.6 million, of which 663,276 of the shares sold were issued from treasury. The Registration Statement under which the shares were being offered expired in April 2016.