Stockholders' Equity

9 Months Ended

Sep. 30, 2014

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 approximately 0.2 million anti-dilutive stock options excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2014. There were no anti-dilutive stock options for the three and nine months ended September 30, 2013.

        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,
	2014		2013			2014		2013
Common shares outstanding, end of period(a)		37,373		37,296			37,373		37,296
Effect of using weighted average common shares outstanding		264		(3	)		269		(112	)
Shares used in computing earnings per share—basic		37,637		37,293			37,642		37,184
Effect of shares issuable under stock option plans based on the treasury stock method		129		245			153		153
Effect of contingently issuable restricted shares		158		93			122		107
Shares used in computing earnings per share—diluted		37,924		37,631			37,917		37,444

(a) Excludes 0.1 million shares of unvested contingently issuable restricted stock outstanding as of September 30, 2013.

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. On October 24, 2014, the Board approved an extension to the program by increasing the shares authorized for repurchase by 1.0 million shares. Since the inception of the repurchase program, the Board has approved 7.6 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. During the nine months ended September 30, 2014, we repurchased 0.4 million shares for approximately $6.3 million at an average price of $14.73 per share. Since the inception of the program in 2007 and as of September 30, 2014, we have repurchased a cumulative total of 6.4 million shares at an average price of $11.25 per share.