Stockholders' Equity

6 Months Ended

Jun. 30, 2012

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Dividends

On October 19, 2011, we announced the commencement of a quarterly dividend program. On February 3, 2012 and May 3, 2012, the Board of Directors declared a quarterly cash dividend of $0.17 per common share, resulting in payments of approximately $3.9 million during the six months ended June 30, 2012. On August 3, 2012, the Board of Directors declared a quarterly cash dividend of $0.17 per common share, which is payable on September 17, 2012 to shareholders of record as of the close of business on August 24, 2012.

Repurchase of Common Stock

In May 2011, our Board of Directors authorized the repurchase of up to $30 million of our common stock. Our available funds for future share repurchases were re-established at $30 million under the February 2010 amendment to our Credit Facility. The share repurchase program was approved by our Board to enable the company to buy shares when we believe our stock price is undervalued. Repurchases under the program also have the positive effect of offsetting the dilution associated with new share issuances due to vesting of restricted stock and the exercise of stock options. 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. We account for share repurchases using the cost method.

During the three months ended June 30, 2012, no shares of common stock were repurchased under the share repurchase program. During the six months ended June 30, 2012, we repurchased 17,800 shares of common stock under the share repurchase program at an average price of $39.50 per share for a total cost of $0.7 million. During the three and six months ended June 30, 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 during the six months ended June 30, 2011 was $5.4 million, with unsettled trades of $0.6 million outstanding as of June 30, 2011.

As of June 30, 2012, there was $10.3 million available for future share repurchases under the program.