LOGM 2017 Annual Report

The Company has provided liabilities for uncertain tax positions in other long-term liabilities on the consolidated balance sheets as follows (in thousands): Years Ended December 31, 2015 2016 2017 Balance beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 652 $ 884 $1,480 Tax positions related to prior periods: Increases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 34 68 Decreases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) — (42) Tax positions related to current period: Increases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428 588 3,661 Settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (195) (26) (78) Statute expiration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (30) Balance end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 884 $1,480 $5,059 These uncertain tax positions would impact the Company’s effective tax rate if recognized. The Company’s policy is to record estimated interest and penalties related to the underpayment of income taxes or unrecognized tax benefits as a component of its income tax provision. The Company recognized $3,000, $42,000 and $50,000 of interest expense during the years ended December 31, 2015, 2016 and 2017, respectively. 9. Common Stock and Equity Authorized Shares — Pursuant to the Company’s restated certificate of incorporation, the Company is authorized to issue 150 million shares of common stock and 5 million shares of undesignated preferred stock, each $0.01 par value per share. Common Stock Reserved — As of December 31, 2016 and 2017, the Company has reserved shares of common stock for the exercise of stock options and restricted stock units of 5.3 million and 8.8 million, respectively. On February 23, 2017, the Company’s Board of Directors approved a three-year capital return plan through a combination of repurchases and dividends. During the year ended December 31, 2017, the Company paid three cash dividends of $0.25 per share in the second, third and fourth quarters. These cash dividends paid in 2017 under the capital return plan totaled $39.5 million. The Company’s Board of Directors will continue to review this capital return plan for potential modifications based on the Company’s financial performance, business out- look and other considerations. The timing and number of shares to be repurchased pursuant to the capital return plan will depend upon prevailing market conditions and other factors. Additionally, the Company’s credit facility contains certain financial and operating covenants that may restrict its ability to pay dividends in the future. During the years ended December 31, 2015, 2016 and 2017, the Company repurchased 297,461, 443,159 and 626,154 shares of its common stock at an average price of $60.81, $57.27 and $110.56 per share, respectively, for a total cost of $18.1 million, $25.4 million and $69.2 million, respectively. In connection with the Merger, the Company declared and paid three special cash dividends of $0.50 per share of common stock. The first cash dividend was declared by the Company’s Board of Directors on July 26, 2016 and paid on August 26, 2016 to stockholders of record as of August 8, 2016, and totaled $12.7 million. The second cash dividend was declared by the Company’s Board of Directors on October 27, 2016 and paid on November 22, 2016 to stockholders of record as of November 7, 2016, and totaled $12.8 million. The third cash dividend was declared by the Company’s Board of Directors on January 6, 2017 and paid on January 31, 2017 to stockholders of record as of January 16, 2017, and totaled $12.8 million. 10. Stock Incentive Plan The Company’s 2009 Stock Incentive Plan (“2009 Plan”) is administered by the Board of Directors and Compen- sation Committee, which have the authority to designate participants and determine the number and type of 79