9. 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. In February 2016, the Board of Directors authorized an extension to this repurchase program from its original end-date of May 13, 2016 to June 30, 2017, unless terminated earlier. During the three and six months ended June 30, 2016, the Company repurchased 193,831 and 427,646 shares for $1.5 million and $3.2 million, respectively. These share repurchases are classified as treasury stock in the accompanying Condensed Consolidated Balance Sheets as a reduction of Stockholders’ Equity. As of June 30, 2016, the Company has $7.7 million remaining to repurchase shares of common stock under this share repurchase program.