Purchase of Common Shares

9 Months Ended

Sep. 30, 2011

15. Purchase of common shares [Abstract]

Stockholders' Equity Note Disclosure

Purchase of Common Shares

On May 4, 2011, the Board of Directors of the Company approved a  common share repurchase program that authorizes the repurchase of up to $40 million in open market value. The shares may be repurchased over time, depending on market conditions, the market price of the Company’s common shares, the Company’s capital levels and other considerations. The share repurchase program  is expected to expire one year from the date the Plan was approved by the Company’s Board of Directors. During the three and nine months ended September 30, 2011, the Company repurchased 0 and 305,500 shares at an average price of $9.83 per share.