Stock Repurchase Program

12 Months Ended

Dec. 31, 2011

Stock Repurchase Program

Stock Repurchase Program

(10)     Stock Repurchase Program

In August 2010, the Company’s Board of Directors (the “Board”) authorized the purchase of up to $2.0 million of the Company’s common stock, which was announced by press release and Current Report on Form 8-K on August 16, 2010.  Under this stock repurchase program, the Company has been acquiring its common stock in the open market from time to time beginning in August 2010.  The shares repurchased by the Company under this stock repurchase program are held as treasury stock.  As of December 31, 2011, the Company had repurchased 490,324 shares in the open market at a cost ranging from $3.35 to $4.02 per share in connection with this program.  During the year ended December 31, 2011, the Company repurchased 383,182 shares in the open market at a cost ranging from $3.38 to $4.02 per share in connection with this program.  This stock repurchase program may be modified, suspended or terminated by the Board at any time without notice.