EQUITY

6 Months Ended

Jun. 30, 2013

EQUITY

EQUITY

NOTE 9: EQUITY

Share Repurchases

On June 1, 2012, our board of directors (the “Board”) authorized the repurchase, through December 31, 2013, of up to an aggregate of $35.0 million of our outstanding shares of common stock (the “2012 Program”).  There were no repurchases of shares under the 2012 Program during the six months ended June 30, 2013.  As of June 30, 2012, we had purchased 120,000 shares of common stock under the 2012 Program for approximately $1.4 million, at an average cost of $12.04 per share.

We also have a policy that requires shares to be repurchased by us to satisfy employee tax withholding obligations upon the vesting of restricted stock awards or the exercise of stock options.  During the three months ended June 30, 2013 and 2012, we repurchased 96,534 shares and 14,325 shares, respectively, for approximately $1.3 million and $0.2 million, respectively, to satisfy employee tax withholding obligations upon the vesting of restricted stock awards and the net share settlement of certain stock options exercises. During the six months ended June 30, 2013 and June 30, 2012, we repurchased 271,829 shares and 169,093 shares, respectively, for approximately $3.5 million and $2.0 million, respectively, to satisfy employee tax withholding obligations upon the vesting of restricted stock awards and the net share settlement of certain stock options exercises.

Dividends

On February 28, 2013, the Board declared a cash dividend of $0.09 per outstanding share of common stock, which was paid on June 3, 2013 to shareholders of record as of the close of business on May 1, 2013.

On June 13, 2013, the Board declared a cash dividend of $0.09 per outstanding share of common stock, which is payable on September 9, 2013 to shareholders of record as of the close of business on August 1, 2013.

Dividends payable were approximately $3.3 million and $3.2 million at June 30, 2013 and December 31, 2012, respectively.