Repurchase of Common Stock
|12 Months Ended|
Sep. 30, 2017
|Repurchase of Common Stock||
REPURCHASE OF COMMON STOCK
As of September 30, 2017, our Board of Directors had authorized management to use up to $50.0 million to repurchase stock in open market transactions under our Stock Repurchase Program. During the September 2017 quarter, our Board of Directors approved management to repurchase an additional $10 million of the Company’s outstanding common stock, bringing the total amount authorized under the program to the above-referenced $50 million.
During fiscal years 2017, 2016, and 2015, we purchased 413,337 shares, 217,568 shares, and 140,336 shares, respectively, of our common stock for a total cost of $7.8 million, $3.5 million, and $2.1 million, respectively. As of September 30, 2017, we have purchased 2,893,487 shares of common stock for an aggregate of $38.7 million since the inception of the Stock Repurchase Program. All purchases were made at the discretion of management and pursuant to the safe harbor provisions of SEC Rule 10b-18. As of September 30, 2017, $11.3 million remained available for future purchases under our Stock Repurchase Program, which does not have an expiration date. The following table summarizes the purchases of our common stock for the quarter ended September 30, 2017:
The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock.
Reference 1: http://www.xbrl.org/2003/role/presentationRef