Equity

6 Months Ended

Jun. 30, 2013

Stockholders' Equity Note [Abstract]

Equity

Equity

On June 19, 2013, a dividend of $0.45 per share was paid to stockholders of record on June 5, 2013. Dividends include dividend equivalents of $3.1 million and $2.9 million, which were paid on outstanding restricted stock units during the six months ended June 30, 2013 and June 30, 2012, respectively.

During the six months ended June 30, 2013, 581,546 restricted stock units vested and were issued as common stock of which the Company is deemed to have repurchased 180,667 shares at an average price of $58.69 per share in conjunction with the payment of tax liabilities in respect of stock delivered to its employees in settlement of restricted stock units. In addition, during the six months ended June 30, 2013, the Company repurchased in open market transactions 701,367 shares of its common stock at an average price of $49.94 per share.

During the six months ended June 30, 2012, 419,908 restricted stock units vested and were issued as common stock of which the Company is deemed to have repurchased 152,187 shares at an average price of $46.55 per share in conjunction with the payment of tax liabilities in respect of stock delivered to its employees in settlement of restricted stock units. In addition, during the six months ended June 30, 2012, the Company repurchased in open market transactions 350,206 shares of its common stock at an average price of $35.69 per share.

In connection with the acquisition of Caliburn, 1,099,877 shares of contingent convertible preferred stock ("Performance Stock") were issued. The Performance Stock, which does not pay dividends, was issued in tranches of 659,926 shares and 439,951 shares and converts to shares of the Company's common stock promptly after the third and fifth anniversary of the closing of the acquisition, respectively, if certain separate revenue targets are achieved. The revenue target for the first tranche was achieved and on April 1, 2013, the third anniversary of the closing, 659,926 shares of Performance Stock, which had a fair value of $32.5 million at the acquisition date, were converted to common stock. If the revenue target for the second tranche is not achieved, the Performance Stock in that tranche will be canceled.