Stockholders' Equity

9 Months Ended

Sep. 30, 2013

Stockholders' Equity

Stockholders' Equity

9. Stockholders' Equity

• Earnings Per Share

        Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed considering the dilutive effect of stock options, contingently issuable restricted stock and restricted stock units.

        There were no anti-dilutive stock options for the three and nine months ended September 30, 2013. There were approximately 1.0 million of anti-dilutive stock options excluded from the calculation of diluted EPS for both the three and nine months ended September 30, 2012.

        The following table reconciles the number of shares outstanding with the number of shares used in computing basic and diluted earnings per share for each of the periods presented (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2013			2012		2013			2012
Common shares outstanding, end of period(a)		37,296			37,125		37,296			37,125
Effect of using weighted average common shares outstanding		(3	)		30		(112	)		1
Shares used in computing earnings per share—basic		37,293			37,155		37,184			37,126
Effect of shares issuable under stock option plans based on the treasury stock method		245			90		153			91
Effect of contingently issuable restricted shares		93			87		107			48
Shares used in computing earnings per share—diluted		37,631			37,332		37,444			37,265

(a)

Excludes 0.1 million and 0.2 million shares of unvested contingently issuable restricted stock outstanding as of September 30, 2013 and 2012, respectively.

• Share Repurchase Program

        On March 29, 2007, our Board of Directors (the "Board") approved a stock repurchase program to acquire up to 1.0 million shares of our outstanding common stock. Subsequently, the Board has from time to time approved extensions of the program to acquire additional shares. Since the inception of the repurchase program, the Board has approved 6.6 million shares to be repurchased.

        The share repurchases will be made from time to time at our discretion in the open market or privately negotiated transactions as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. The Board may modify, suspend, extend or terminate the program at any time. We repurchased 0.1 million shares during the nine months ended September 30, 2013 at an average price of $14.59 per share. Since the inception of the program in 2007 and as of September 30, 2013, we have repurchased a cumulative total of 6.0 million shares at an average price of $11.00 per share.