Stockholders' Equity

9 Months Ended

Sep. 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, May 3, 2012 and August 3, 2012, the Board of Directors declared a quarterly cash dividend of $0.17 per common share, resulting in payments of approximately $5.9 million during the nine months ended September 30, 2012. On November 1, 2012, the Board of Directors declared a quarterly cash dividend of $0.19 per common share, which is payable on December 17, 2012 to shareholders of record as of the close of business on November 23, 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 September 30, 2012, no shares of common stock were repurchased under the share repurchase program. During the nine months ended September 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 nine months ended September 30, 2011, we repurchased 345,467 and 517,067 shares of common stock under the share repurchase program at an average price of $34.88 and $34.81 per share for a total cost of $12.0 million and $18.0 million, respectively.

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