Shareholder Rights Plan

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Shareholder Rights Plan

Shareholder Rights Plan

Effective as of February 8, 2008, the Board of Directors adopted a Shareholder Rights Plan (the “Plan”), with a stated expiration date of February 8, 2018. The Plan provided that, under certain circumstances, holders of each right (granted at one right per share of outstanding common stock) were entitled to purchase shares of the Company's common stock at a discounted price. The rights were only exercisable if a person or group became or attempted to become the beneficial owner of 15% or more of the Company's common stock and, under the terms of the Plan, such a person or group would not be entitled to the benefits of the rights. The Plan required a separate Three-year Independent Director Evaluation committee of the Board of Directors (the “TIDE Committee”), comprised of independent directors of the Company, to review and evaluate the Plan at least every three years in order to consider whether the Plan continued to be in the best interests of the Company and its shareholders.  As a result of the TIDE Committee's review of the Plan in January 2017, and the Committee's subsequent recommendation to the Board of Directors, the Plan was terminated, effective February 28, 2017, prior to its scheduled expiration date of February 8, 2018.