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Share Repurchase Program
9 Months Ended
Sep. 30, 2017
Share Repurchase Program [Abstract]  
Share Repurchase Program

J) Share Repurchase Program. On April 26, 2016, we announced that our Board of Directors had approved a program authorizing the Company to purchase up to $10 million of our common stock. The shares may be purchased from time to time in the open market or through privately negotiated transactions at management’s discretion, depending upon market conditions and other factors. The authorization to repurchase our stock expires on December 31, 2017.

 

We repurchased 116,572 shares of common stock under this program for a total cost of $0.6 million during the three months ended September 30, 2017. We repurchased 879,216 shares of common stock under this program for a total cost of $4.2 million during the nine months ended September 30, 2017. Included in the shares repurchased during the first nine months of 2017 were 210,000 shares repurchased through a privately negotiated transaction. On March 9, 2017, after approval by the Company's Audit Committee and Board of Directors, the Company repurchased 210,000 shares from Richard P. Moberg, the Company's former co-Chief Executive Officer, co-President and Chief Financial Officer and current member of the Board of Directors at a 10% discount off of the market closing price of the Company's stock on March 8, 2017. The closing price of our common stock on March 8, 2017 was $4.85. The resulting sale price, after calculating the ten percent (10%) discount was $4.36 and the total transaction cost was $915,600.

 

Since the program commenced in April 2016, we have repurchased 1,570,017 shares for a total cost of $7.9 million.