Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

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Stockholders' Equity
 3 Months Ended
Mar. 31, 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 4,993,936 and 5,153,451 shares of common stock issued and 4,989,436 and 5,147,647 shares outstanding on March 31, 2016 and December 31, 2015, respectively.
As of March 31, 2016, common stock of 350,551 shares were reserved for issuance in connection with incentive stock based awards and common stock to be granted to members of our board of directors, employees and third parties.
Stock Repurchase Program
Since December 2012, our board of directors has 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 March 31, 2016, our cumulative repurchases since December 2012 under our stock repurchase program totaled 1,942,462 shares for $6,889,619, and $1,110,381 remained available under our stock repurchase program.
The following table summarizes our share repurchase activity for the three months ended:
 
 
March 31, 2016
 
March 31, 2015
Share Repurchase Type
 
Shares
 
Amount
 
Shares
 
Amount
Open Market (a)
 
158,965

 
$
588,480

 
143,717

 
$
534,040

Total Repurchases
 
158,965

 
$
588,480

 
143,717

 
$
534,040

(a)
As of March 31, 2016, $17,757 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 March 31, 2016 and December 31, 2015.
Warrants
As of March 31, 2016, there were no warrants outstanding. Except for an insignificant amount of warrant expense associated with the extension of the warrants during the three months ended March 31, 2015, we did not incur warrant related expenses during the three months ended March 31, 2016 and 2015.  Approximately 16,667 of outstanding warrants were included in our calculation of diluted net income per common share for the three months ended March 31, 2015 as the effect was dilutive.