Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Stockholders' Equity

Stockholders' Equity

7.    Stockholders’ Equity

Dividends on common stock of $0.05 per share were declared and paid in the first, second and third quarters of 2016 and 2015.  In addition, in November 2016, the Company’s Board of Directors declared a dividend on common stock of $0.05 per share.

In December 2013, the Company’s Board of Directors approved a share repurchase program with a total of $150 million of purchases authorized.  During the nine months ended September 30, 2016 and September 30, 2015, the Company repurchased 518,576 and 1,263,791 shares, respectively, at an average price of $15.81 per share and $18.04 per share, respectively.  As of September 30, 2016, the Company had repurchased a total of 4,598,661 shares at an average price of $18.67 per share under this program.  All of the above mentioned repurchases were funded from operating cash flows, cash on hand, and borrowings and the shares are held as treasury stock.  Subsequent to these repurchases, the Company’s remaining authorization to repurchase its common stock is approximately $64.1 million.  In April 2016, the Company suspended the activities of the share repurchase program.