Stockholders' Equity

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Stockholders' Equity

9. STOCKHOLDERS’ EQUITY

Comprehensive Income (Loss)

In February 2013, the Financial Accounting Standards Board (“FASB”) ratified Accounting Standards Update (“ASU”) 2013-02 “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Comprehensive Income” (“ASU 2013-02). ASU 2013-02 requires entities to disclose additional information about items reclassified out of accumulated other comprehensive income (“AOCI”) including AOCI balances by component and significant items reclassified out of AOCI. This ASU was effective for reporting periods beginning after December 15, 2012, and was applied prospectively.

The changes in accumulated other comprehensive income (loss) are included in the table below.

	Three Months Ended March 31, 2014
	Unrealized Gains
	and Losses on		Foreign
	Available-for Sale		Currency
	Securities		Items		Total
	(In thousands)
Beginning balance	$	11	$	101	$	112
Other comprehensive income (loss) before reclassifications		1		0		1
Amounts reclassified from accumulated other comprehensive income (loss)		0		0		0
Net current period other comprehensive income (loss)		1		0		1
Ending Balance	$	12	$	101	$	113

Stock Repurchase Program

On November 1, 2007, the Company announced its Board of Directors’ authorized the repurchase of up to $50 million of the Company’s common stock. The Company may repurchase its stock for cash in the open market in accordance with applicable securities laws. The timing of and amount of any stock repurchase will depend on share price, corporate and regulatory requirements, economic and market conditions, and other factors. The stock repurchase authorization has no expiration date, does not require the Company to repurchase a specific number of shares, and may be modified, suspended, or discontinued at any time.

During the three months ended March 31, 2014, the Company repurchased 605,419 shares for $6.9 million at an average cost of $11.20, net of transaction costs, through open market repurchases. These amounts are classified as treasury stock on the Company’s condensed consolidated balance sheet. The program currently remains available with approximately $12.6 million that may yet be purchased under it. During the three months ended March 31, 2013 there were no stock repurchases under this program.