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Capital Stock
3 Months Ended
Mar. 31, 2014
Capital Stock

8.       Capital Stock

Issuance of Common Stock- “At the Market” Programs

From time to time, the Company may sell shares of its common stock in “at-the-market” offerings.  Sales of shares of common stock, if any, may be made in private transactions, negotiated transactions or any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the New York Stock Exchange or to or through a market maker other than on an exchange.  

On February 29, 2012, the Company entered into sales agreements (the “2012 Sales Agreements”) with Cantor Fitzgerald & Co.  (“Cantor”) and JMP Securities LLC (“JMP”) to establish a new “at-the-market” program (the “2012 Program”).  Under the terms of the 2012 Sales Agreements, the Company may offer and sell up to 10,000,000 shares of its common stock from time to time through Cantor or JMP, each acting as agent and/or principal.  The shares of common stock issuable pursuant to the 2012 Program are registered with the Securities and Exchange Commission on the Company’s Registration Statement on Form S-3 (No.  333-179805), which became effective upon filing on February 29, 2012.  

For the three months ended March 31, 2014 and 2013, the Company did not issue any shares of stock under the 2012 Program.  

Stock Repurchase Program

On June 18, 2013, the Company’s board of directors authorized a stock repurchase program (the “Repurchase Program”) to acquire up to 10,000,000 shares of the Company’s common stock.  For the three months ended March 31, 2014, the Company repurchased 100,000 shares of common stock under the Repurchase Program in at-the-market transactions at a total cost of $1,912.  

During periods when the Company’s board of directors has authorized the Company to repurchase shares under the Repurchase Program, the Company will not be authorized to issue shares of common stock under the 2012 Program described above.  Similarly, during periods when the Company’s board of directors has authorized the Company to issue shares of common stock under the 2012 Program, the Company will not be authorized to repurchase shares under the Repurchase Program.