Stockholders' Equity

3 Months Ended

Mar. 31, 2013

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Dividends

In lieu of our first quarter of 2013 dividend, the Board of Directors declared an accelerated cash dividend of $0.19 per common share on December 6, 2012, which resulted in an aggregate payment to shareholders of $2.2 million on December 31, 2012. On May 2, 2013, the Board of Directors declared a quarterly cash dividend of $0.19 per common share, which is payable on June 17, 2013 to shareholders of record as of the close of business on May 24, 2013.

Repurchase of Common Stock

In May 2011, our Board of Directors authorized the repurchase of up to $30.0 million of our common stock. 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 March 31, 2013, we repurchased 72,107 shares of common stock under the share repurchase program at an average price of $48.96 per share for a total cost of $3.5 million, compared to 17,800 shares of common stock at an average price of $39.50 per share for a total cost of $0.7 million for the three months ended March 31, 2012. As of March 31, 2013, there was $2.3 million available for future share repurchases under the program.