Stockholders' Equity

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The Company uses the cost method to account for its treasury stock transactions. Shares of treasury stock are issued in connection with the Company’s stock option plans, restricted stock plans, employee stock purchase plan, and acquisitions using the average cost basis method. On May 9, 2012, the Board of Directors of the Company authorized a stock repurchase program of up to $100 million of the Company’s common stock within two years from the authorization date. Under the program, management of the Company is authorized to repurchase shares through Rule 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act. Depending on market conditions and other factors, the repurchases may be commenced or suspended at any time or from time to time, without prior notice. During the three and six months ended June 30, 2014, under this program, the Company repurchased 70,010 shares of its common stock, at an average price of $15.93 per share, for an aggregate purchase price of $1.1 million. Through May 9, 2014, the Company repurchased 4,338,306 shares of its common stock, at an average price of $10.67 per share for an aggregate purchase price of $46.3 million. As of May 9, 2014, the authorization for the program expired.

On May 12, 2014, the Board of Directors of the Company authorized a stock repurchase program of up to $150 million of the Company’s common stock. Under this new program, management of the Company is authorized to repurchase shares through Rule 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act. Depending on market conditions and other factors, the repurchases may be commenced or suspended at any time or from time to time, without prior notice. During the three months ended June 30, 2014, under this program, the Company repurchased 239,800 shares of its common stock at an average price of $16.35 per share for an aggregate purchase price of $3.9 million, including transaction costs. As of June 30, 2014, $146.1 million remained available for repurchases under this program.