SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2015



9.	SHAREHOLDERS’ EQUITY:

Stock Repurchase Program

On June 2, 2014, the Company's Board of Directors approved a stock repurchase program authorizing the Company to purchase shares of its common stock up to a total purchase price of $50.0 million over the subsequent 12 months. Since approval of the program and through March 31, 2015, the Company purchased 956,362 shares at a cost of approximately $29.5 million.

Scientific Advisory Board and Employee Awards

During the three months ended March 31, 2015 and 2014, the Company issued a total of 35,205 and 31,301 shares, respectively, of fully vested common stock to employees and non-employee members of the Scientific Advisory Board for services performed in 2014 and 2013, respectively. The fair value of the shares issued was $967,000 and $1,046,000, respectively, for employees and $300,000 and $300,000, respectively, for non-employee members of the Scientific Advisory Board, which amounts were accrued at December 31, 2014 and 2013, respectively. In connection with the issuance of these grants, 9,565 and 8,071 shares, respectively, with fair values of $346,000 and $271,000, respectively, were withheld in satisfaction of employee tax withholding obligations in 2015 and 2014, respectively.