14. STOCK REPURCHASE PROGRAM

In 1998 the Company’s stock repurchase program was established. On several occasions since the program’s inception, the Board of Directors has extended the number of shares authorized for repurchase under the program. In total, 7.5 million shares have been authorized for repurchase. This includes the additional 1.0 million shares that the Company’s Board of Directors authorized for repurchase on October 31, 2017.

In 2017, the Company purchased 548,539 shares at a total cost of $15.2 million through its stock repurchase program. In 2016, the Company purchased 410,983 shares at a total cost of $11.0 million through its stock repurchase program. In 2015, the Company purchased 354,741 shares at a total cost of $9.9 million through its stock repurchase program. As of December 31,2017, there were 1,016,636 authorized shares remaining under the program.