Share Repurchases

6 Months Ended

Jun. 30, 2011

Share Repurchases [Abstract]

Treasury Stock

Repurchase of Common Stock

On May 24, 2011, our Board of Directors authorized the repurchase of up to $30 million of our common stock. The timing and amount of the purchases are based on market conditions, our cash and liquidity requirements, relevant securities laws and other factors. The share repurchase program may be discontinued or amended at any time. The program has no expiration date and expires when the amount authorized has been expended or the Board withdraws its authorization. Our available funds for future share repurchases were re-established at $30 million under the February 2010 amendment to our Credit Facility.

During the second quarter of 2011, we repurchased 171,600 shares of common stock under the share repurchase program at an average price of $34.68 per share for a total cost of $6.0 million. There were no repurchases during the first quarter of 2011. The related cash amount expended to repurchase these shares was $5.4 million, with unsettled trades of $0.6 million outstanding as of June 30, 2011. During the three and six months ended June 30, 2010, no shares of common stock were repurchased under the share repurchase program. As of June 30, 2011 there was $24.0 million available for future share repurchases under our share repurchase program.