9. Share Repurchases

In May 2015, the Company’s Board of Directors authorized the repurchase of up to $20.0 million in Control4 common stock from time to time on the open market. In February 2017, the Board of Directors authorized an extension to this repurchase program to May 31, 2018, unless terminated earlier. During the nine months ended September 30, 2017, the Company repurchased 119,007 shares for $1.8 million compared to 427,646 shares for $3.2 million in the same period in 2016. As of September 30, 2017, the Company has $5.9 million remaining to repurchase shares of common stock under this share repurchase program.