| Stock Repurchase Programs |
| 18. | Stock Repurchase Programs |
The Company repurchases shares through open market transactions, in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended, under repurchase programs authorized by the Board of Directors. Shares purchased under share repurchase programs are retired and returned to authorized and unissued status.
A summary of share repurchase programs in place during the three-year-period ended December 31, 2016 is as follows:
| · | In July 2013 the Company’s Board of Directors authorized a $11,500 repurchase program (2013 $11,500 stock repurchase program) of its Class B common stock. This program was discontinued on October 28, 2014. |
| · | In October 2014 the Company’s Board of Directors authorized a $50,000 repurchase program (2014 $50,000 share repurchase program) of its Class B common stock. This program was completed on October 7, 2015. |
| · | In November 2015 the Company’s Board of Directors authorized a $25,000 repurchase program (2015 $25,000 share repurchase program) of its Class B common stock. This program was completed on September 14, 2016. |
The stock repurchase activity under stock repurchase programs for the years ended December 31, 2016, 2015, and 2014 is summarized as follows: | | | 2016 | | | 2015 | | | 2014 | | | | | Shares Repurchased | | | Average Share Price | | | Amount Repurchased | | | Shares Repurchased | | | Average Share Price | | | Amount Repurchased | | | Shares Repurchased | | | Average Share Price | | | Amount Repurchased | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2015 $25,000 program | | | 951,831 | | | $ | 22.54 | | | $ | 21,370 | | | | 154,554 | | | $ | 23.72 | | | $ | 3,629 | | | | - | | | $ | - | | | $ | - | | 2014 $50,000 program | | | - | | | | - | | | | - | | | | 2,086,532 | | | | 21.69 | | | | 44,658 | | | | 228,525 | | | | 23.55 | | | | 5,341 | | 2013 $11,500 program | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 367,700 | | | | 16.32 | | | | 5,995 | | Total | | | 951,831 | | | $ | 22.54 | | | $ | 21,370 | | | | 2,241,086 | | | $ | 21.87 | | | $ | 48,287 | | | | 596,225 | | | $ | 20.28 | | | $ | 11,336 | |
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