8. Share Repurchases

In May 2015, the Company’s Board of Directors authorized the repurchase of up to $20 million in Control4 common stock from time to time on the open market. The authorization by the Board of Directors will expire after one year, or when terminated earlier. During the three and nine months ended September 30, 2015, the Company repurchased 330,386 shares and 557,661 shares for $2.8 million and $4.9 million,  respectively, and is shown in the accompanying Condensed Consolidated Balance Sheets as a reduction of Stockholders’ Equity. As of September 30, 2015, we have $15.1 million remaining to repurchase shares of common stock under this share repurchase program.