Share Repurchases

9 Months Ended

Sep. 30, 2016

Stockholders' Equity Note [Abstract]

Share Repurchases

On October 30, 2015, the Board of Directors authorized the repurchase of up to $5,000,000 of the Company’s common stock on or before October 30, 2017. The plan allows the repurchases to be made in open market or privately negotiated transactions. The plan does not obligate the Company to repurchase any particular number of shares, and may be suspended at any time at the Company’s discretion. For the three and nine months ended September 30, 2016, the Company repurchased approximately 23,000 and 123,000 shares, respectively, at a total cost of $54,000 and $301,000. As of September 30, 2016, the approximate dollar value of shares that may yet be purchased by the Company under the plan was $4,687,000.

Under a prior plan that expired November 3, 2015, for the three and nine months ended September 30, 2015, the Company repurchased approximately 577,000 and 609,000 shares, respectively, at a total cost of $1,515,000 and $1,614,000.