Stock Repurchase Plan

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Stock Repurchase Plan

14. Stock Repurchase Plan

In June 2012, the Company announced that its Board of Directors authorized a stock repurchase plan under which the Company was authorized to repurchase up to $100 million of its common stock. In the fourth quarter of 2013, the Company repurchased and cancelled 85,840 shares at a total cost of $10.0 million. In the first half of 2014, the Company repurchased and cancelled 869,699 shares for $90.0 million. As of May 27, 2014, the Company had repurchased the maximum amount authorized under the stock repurchase plan.

On June 12, 2014 the Company announced that its Board of Directors authorized an additional stock repurchase plan in which the Company was authorized to repurchase up to $100 million of its common stock. As of December 24, 2014, a total of 1,151,603 shares at a price of $100 million, the maximum authorized under the stock repurchase plan, had been repurchased and subsequently cancelled.