XML 36 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Share Repurchase Program
6 Months Ended
Jun. 30, 2012
Share Repurchase Program [Abstract]  
Share Repurchase Program

Note 6. Share Repurchase Program

In 2011, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase, in the aggregate, up to $35.0 million of its outstanding common stock. Purchases under this program are made from time to time at prevailing market prices in open market purchases or can be made in privately negotiated transactions in accordance with applicable insider trading and other securities laws and regulations. The purchases are funded from existing cash balances and/or borrowings, and the repurchased shares are held in treasury and used for general corporate purposes. The timing and extent to which the Company repurchases its shares depends upon market conditions and other corporate considerations as may be considered in the Company’s sole discretion. During the quarter ended June 30, 2012, the Company repurchased 259,673 shares at a weighted average price of $22.42 per share for approximately $5.8 million under the share repurchase program. There were no repurchases in prior periods under the share repurchase program.