STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2014

Stockholders' Equity Attributable to Parent [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

In September 2001, the Company’s board of directors authorized a stock repurchase program (the “Program”) to allow for the repurchase of shares of the Company’s common stock at prevailing market prices in the open market or through unsolicited negotiated transactions.  Since the inception of the Program and through December 31, 2013, the Company’s board of directors authorized a total of $1.0 billion for repurchases under the Program and the Company had repurchased a total of 80.9 million shares of its common stock for approximately $926.8 million. During the three- and six-month periods ended June 30, 2014, the Company repurchased 2.6 million shares for $62.3 million and 3.3 million shares for $81.0 million, respectively. As of June 30, 2014, up to an additional $19.0 million of the Company’s capital was available to be used to repurchase shares of the Company’s outstanding common stock under the Program. This amount was utilized by the Company in July 2014. On July 31, 2014, the Company's board of directors increased the total amount authorized under the Program by $150.0 million.

Repurchases have been funded from available working capital and borrowings under the Company's credit facility, and all shares have been retired subsequent to their repurchase. There is no guarantee as to the exact number of shares that will be repurchased by the Company, and the Company may discontinue repurchases at any time that management or the Company’s board of directors determines additional repurchases are not warranted. The amounts authorized by the Company’s board of directors exclude broker commissions.