Common Stock and Equity

6 Months Ended

Jun. 30, 2013

Equity [Abstract]

Common Stock and Equity

8. Common Stock and Equity

In February 2013, the Company’s board of directors approved a $25 million share repurchase program. Share repurchases are made from time-to-time in the open market, in privately negotiated transactions or otherwise, in accordance with applicable securities laws and regulations. The timing and amount of any share repurchases are determined by the Company’s management based on its evaluation of market conditions, the trading price of the stock, regulatory requirements and other factors. The share repurchase program may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice.

For the three and six months ended June 30, 2013, the Company repurchased 258,663 and 760,485 shares of its common stock at an average price of $21.76 and $19.21 per share at a cost of approximately $5,627,000 and $14,607,000, respectively. At June 30, 2013, approximately $10,393,000 remained available under the Company’s share repurchase program.