Common Stock Repurchase Program (Notes)

12 Months Ended

Dec. 31, 2015

Disclosure of Repurchase Agreements [Abstract]

Common Stock Repurchase Program

Common Stock Repurchase Program

On October 27, 2014, our Board of Directors authorized the repurchase of up to $100 million of the Company’s common stock. Any repurchases may be made through open market purchases, block trades, privately negotiated transactions and/or derivative transactions, subject to market conditions and managements’ ongoing determination that it is the best use of available cash on hand to fund any repurchases. The repurchase authorization does not obligate us to acquire any common stock.

During the year ended December 31, 2015, we repurchased 1.3 million shares of common stock at an average cost per share of $17.15. The total purchase price of $21.4 million was reflected as an increase to treasury stock resulting in a reduction in stockholder’s equity.