Share Repurchases (Notes)
|3 Months Ended|
Jun. 30, 2017
|Payments for Repurchase of Equity [Abstract]|
In May 2017, the Board of Directors authorized a new share repurchase program whereby the Company may repurchase up to an aggregate of $2.0 million of its outstanding Class A Common Stock (the 2017 authorization). The 2017 authorization is in addition to the $0.1 million that was remaining from the August 2011 $20.0 million authorization (the 2011 authorization). There were 105,031 shares repurchased under the 2011 and 2017 authorizations during the three months ended June 30, 2017. There were no shares repurchased under the 2011 authorization during the three months ended June 30, 2016. There was approximately $1.8 million remaining for additional share repurchases under the 2017 authorization as of June 30, 2017.
Additionally, in the three months ended June 30, 2017, and June 30, 2016, the Company repurchased 21,267 and 18,129 shares of Class A Common Stock, respectively, from certain employees that were surrendered to satisfy the minimum statutory tax withholding obligations on the vesting of restricted stock, RSUs and PSUs. These repurchases were not included in the authorized share repurchase programs and had a weighted-average purchase price of $2.78 and $4.64 per share, respectively.
The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock.
Reference 1: http://www.xbrl.org/2003/role/presentationRef