Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

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Stockholders' Equity
 9 Months Ended
Sep. 30, 2016
Equity [Abstract]  
Stockholders' Equity
Stockholders’ Equity
Common Stock, par value $0.001 per share
We are authorized to issue up to 9,000,000 shares of common stock. There were 4,846,154 and 5,153,451 shares of common stock issued and 4,843,154 and 5,147,647 shares outstanding on September 30, 2016 and December 31, 2015, respectively.
As of September 30, 2016, there were 374,087 shares of common stock reserved for issuance in connection with outstanding stock based awards and common stock to be granted to members of our board of directors, employees and third parties.
Stock Repurchase Program
As of September 30, 2016, our board of directors had approved for repurchase an aggregate of $8,000,000 of our common stock.  Our board of directors did not establish an end date for this stock repurchase program.  Shares of common stock may be purchased from time to time on the open market, pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act, in privately negotiated transactions, including transactions with Liberty Media and its affiliates, or otherwise.  As of September 30, 2016, our cumulative repurchases since December 2012 under our stock repurchase program totaled 2,098,548 shares for $7,515,223, and $484,777 remained available under our stock repurchase program.
The following table summarizes our total share repurchase activity for the nine months ended:
 
 
September 30, 2016
 
September 30, 2015
Share Repurchase Type
 
Shares
 
Amount
 
Shares
 
Amount
Open Market (a)
 
315,051

 
$
1,214,083

 
432,616

 
$
1,646,798

(a)
As of September 30, 2016, $12,526 of common stock repurchases had not settled, nor been retired, and were recorded as Treasury stock within our unaudited consolidated balance sheets and unaudited consolidated statements of stockholders’ (deficit) equity.
Preferred Stock, par value $0.001 per share
We are authorized to issue up to 50,000 shares of undesignated preferred stock with a liquidation preference of $0.001 per share.  There were no shares of preferred stock issued or outstanding as of September 30, 2016 and December 31, 2015.