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Shareholders' Equity
 12 Months Ended
Dec. 31, 2015
Shareholders' Equity  
Shareholders' Equity

(13) Shareholders’ Equity

 

Common Stock Repurchase

 

On September 27, 2012, the Company announced that its Board of Directors has authorized a plan to repurchase up to $100.0 million of its common stock over the next 5 years. The Board of Directors reaffirmed the repurchase plan on April 21, 2015.  This plan extends the previous plan authorized on December 8, 2009, and increases the number of shares authorized for repurchase to up to $100.0 million. During 2015, the Company repurchased 912,247 shares of common stock, including 643,821 shares repurchased under a modified “Dutch auction” tender offer completed in December 2015,  for approximately $16.5 million under this program, at a weighted average price of $17.75 per share (excluding fees and expenses related to the tender offer). The repurchased shares were subsequently retired.

 

Share Repurchase - Modified "Dutch auction" Tender Offer

 

On November 17, 2015, the Company announced the commencement of a modified "Dutch auction" tender offer to repurchase shares of its common stock at a price not less than $15.50 per share nor greater than $18.00 per share. The tender offer expired on December 16, 2015 resulting in the Company repurchasing 643,821 shares of the Company’s common stock at a purchase price of $18.00 per share, for an aggregate cost of approximately $11.6 million, excluding fees and expenses relating to the tender offer.