Stockholders' Equity

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Changes in stockholders’ equity during the nine months ended September 30, 2014 were as follows (in thousands):

	Common stock		Additional paid-in capital			Retained earnings		Treasury stock at cost			Accumulated other comprehensive loss			Total stockholders’ equity
Balance at December 31, 2013	$	192	$	167,908		$	27,711	$	(1,170	)	$	(1,614	)	$	193,027
Net income	—		—			19,674		—			—			19,674
Foreign currency translation adjustment	—		—			—		—			(2,446		)	(2,446		)
Repurchases of common stock	—		—			—		(3,051		)	—			(3,051		)
Stock-based compensation expense	—		1,498			—		—			—			1,498
Income tax benefit from stock-based compensation	—		1,539			—		—			—			1,539
Shares withheld in exchange for tax withholding payments on stock-based compensation	—		(1,978		)	—		—			—			(1,978		)
Issuance of stock for employer contributions to retirement plan	—		169			—		1,684			—			1,853
Net issuances of stock pursuant to stock compensation plans and other	—		(2,301		)	—		2,537			—			236
Balance at September 30, 2014	$	192	$	166,835		$	47,385	$	—		$	(4,060	)	$	210,352

On September 2, 2014, we announced the commencement of a modified "Dutch auction" tender offer to repurchase for cash shares of our common stock up to an aggregate purchase price of $80 million within the range of $26.00 to $29.00 per share. The tender offer expired at 12:00 midnight, New York City time, on September 29, 2014 resulting in the Company accepting for payment an aggregate of 2,127,706 shares of GP Strategies Corporation common stock at a purchase price of $29.00 per share, for an aggregate cost of approximately $61.7 million, excluding fees and expenses relating to the tender offer. The total amount of shares purchased in the tender offer represented approximately 11.1% of our issued and outstanding shares as of September 29, 2014. The transaction closed on October 3, 2014 at which time we transferred the funds for the repurchase. To fund the share repurchase, we used borrowings under an amended Credit Agreement which is discussed in more detail in Note 8. As a result of the final outcome of the tender offer, we had approximately 17,086,145 common shares issued and outstanding as of October 3, 2014.