Stockholders' Equity

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Stockholders' Equity

9. STOCKHOLDERS’ EQUITY

Comprehensive Income

In February 2013, the FASB ratified 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. ASU 2013-02 was effective for reporting periods beginning after December 15, 2012, and was applied prospectively.

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

	Nine Months Ended September 30, 2014
	Unrealized Gains and Losses on Available-for Sale Securities		Foreign Currency Items		Total
	(In thousands)
Beginning balance	$	11	$	101	$	112
Other comprehensive income before reclassifications		5		0		5
Amounts reclassified from accumulated other comprehensive income		0		0		0
Net current period other comprehensive income		5		0		5
Ending Balance	$	16	$	101	$	117

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 (“Stock Repurchase Program”). 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 and nine months ended September 30, 2014, the Company repurchased 534,849 and 1,151,143 shares for $5.0 million and $12.0 million at an average cost of $9.36 and $10.42, respectively, net of transaction costs, through open market repurchases. These amounts are classified as treasury stock on the Company’s condensed consolidated balance sheet. As of September 30, 2014, the program remains available with approximately $7.4 million that may yet be purchased under it. During the three and nine months ended September 30, 2013 there were no stock repurchases under this program.