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Share Repurchase Program | 12 Months Ended
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Dec. 31, 2014
ShareRepurchaseProgramTextBlockAbstract |
Share Repurchase Program | SHARE REPURCHASE PROGRAM In August 2011, our Board of Directors authorized the repurchase of up to $6 million of outstanding common shares through December 31, 2012. This initial program was completed in the quarter ended March 31, 2012. In May 2012, the Board of Directors authorized a second repurchase program, authorizing the repurchase up to an additional $6 million of outstanding common shares through June 30, 2013 and this repurchase program was completed in September 2012. The share repurchase programs were funded through the our existing cash on hand. Purchases made pursuant to the programs were made in the open market. The timing, manner, price and amount of any repurchases were determined using our discretion and were subject to economic and market conditions, stock price, applicable legal requirements, and other factors. During the course of the share repurchase programs, we repurchased an aggregate of 2,306,590 common shares for a total cost of approximately $12,000 including commissions of approximately $76. The Common Shares acquired shares have been retired and are no longer shown as issued or outstanding shares. The following table summarizes our share repurchase programs since their inception:
Period |  | Total Number of Shares Purchased |  | Average Price Paid Per Share |  | Total Cost |  | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Program
Phase One Program |  |  |  |  |  |  |  |
August 25, 2011 through September 30, 2011 |  | 571,554 |  |  | $ | 5.89 |  |  | $ | 3,367 |  |  | $ | 2,633 |
October 1, 2011 through December 31, 2011 |  | 130,160 |  |  | 5.71 |  |  | 744 |  |  | 1,889 |
January 1, 2012 through March 31, 2012 |  | 334,636 |  |  | 5.64 |  |  | 1,889 |  |  | — |
Phase Two Program |  |  |  |  |  |  |  |
April 1, 2012 through June 30, 2012 |  | 1,124,797 |  |  | 4.70 |  |  | 5,290 |  |  | 710 |
July 1, 2012 through September 30, 2012 |  | 145,443 |  |  | 4.88 |  |  | 710 |  |  | — |
Total |  | 2,306,590 |  |  | $ | 5.20 |  |  | $ | 12,000 |  |  | $ | — |

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