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Share Repurchase Program and Treasury Stock
9 Months Ended
Sep. 30, 2012
Share Repurchase Program and Treasury Stock [Abstract]  
Share Repurchase Program and Treasury Stock

Note 6. Share Repurchase Program and Treasury Stock

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 may be made in privately negotiated transactions in accordance with applicable insider trading rules and other securities laws and regulations. The purchases are funded from existing cash balances and/or borrowings under the Credit Facility, 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 in the Company’s sole discretion. During the three months ended September 30, 2012, the Company repurchased 210,290 shares at a weighted average price of $22.01 per share for approximately $4.6 million under the share repurchase program. During the nine months ended September 30, 2012, the Company repurchased 469,963 shares at a weighted average price of $22.24 per share for approximately $10.5 million under the share repurchase program. There were no repurchases under the share repurchase program in 2011.

The Company also repurchases shares of its common stock from employees for settlement of tax liabilities associated with stock vestings. The Company accounts for these transactions under the treasury stock method.