10. Stockholders’ Equity

Stock Repurchases

Under our stock repurchase plan, as amended in February 2012, we are authorized to repurchase up to $50.0 million of our common stock from time to time. During the three months ended September 30, 2016, we re-initiated purchases of our common stock under the stock repurchase plan and repurchased approximately 618,000 shares at an average price of $5.65 per share for an aggregate amount of approximately $3.5 million. As of September 30, 2016, approximately $15.7 million remained available under the repurchase plan. The timing and actual number of shares repurchased will depend on various factors including price, corporate and regulatory requirements, alternative investment opportunities and other market conditions.

Shares repurchased by us are accounted for when the transaction is settled. As of September 30, 2016, there were approximately 22,000  unsettled share repurchases. The par value of shares repurchased and retired is deducted from common stock and any excess over par value is deducted from additional paid-in capital. Direct costs incurred to repurchase the shares are included in the total cost of the shares.