Stockholders' Equity

9 Months Ended

Sep. 30, 2012

Stockholders' Equity [Abstract]

Stockholders' Equity

13. Stockholders’ Equity

Authorized Shares

On June 14, 2012, our stockholders approved an amendment (“Charter Amendment”) to our Second Amended and Restated Certificate of Incorporation to reduce the number of authorized shares of common stock from 100,000,000 to 37,000,000 shares and of undesignated preferred stock from 5,000,000 to 3,000,000 shares. The Charter Amendment was previously approved by our Board of Directors on April 12, 2012, subject to approval by our stockholders. The Charter Amendment was filed with the Secretary of State of the State of Delaware on June 14, 2012.

Stock Repurchase Plan

In July 2009, our Board of Directors authorized a repurchase of our common stock from time to time on the open market or in privately negotiated transactions. In November 2011, our Board of Directors increased this authorization to $10.0 million and extended the program through December 31, 2013. The timing and number of any shares repurchased will be determined based on our evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when we might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time and will conclude no later than December 31, 2013, unless otherwise extended by our Board of Directors. The repurchase program is being funded using our available cash and cash equivalents. We have the authority to purchase $3.6 million of shares of our common stock remaining under the repurchase program as of September 30, 2012. The following is a summary of the stock repurchase activity for the nine months ended:

	September 30, 2012				September 30, 2011
	Shares		Total		Shares		Total
	Purchased		Purchased		Purchased		Purchased
	( $ in thousands)
Share repurchases		304,846	$	1,759		174,023	$	1,181

Dividends

On February 28, 2011, our Board of Directors approved a policy for the payment of quarterly cash dividends on our common stock. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by our Board of Directors on a quarterly basis. The dividend activity for the periods presented is as follows:

Record Date	Payment Date		Per Share Amount		Dividend Payment
					(in thousands)
Fiscal Year 2012
March 20, 2012		April 3, 2012	$	0.025	$	381
May 18, 2012		June 4, 2012	$	0.025	$	379
August 17, 2012		August 31, 2012	$	0.025	$	380
Fiscal Year 2011
March 22, 2011		April 5, 2011	$	0.020	$	309
May 20, 2011		June 6, 2011	$	0.020	$	310
August 19, 2011		September 6, 2011	$	0.020	$	310

On October 24, 2012, our Board of Directors approved a quarterly cash dividend on our common stock of $0.025 per share payable on December 4, 2012, to stockholders of record at the close of business on November 20, 2012, which will total approximately $0.4 million.