Stockholders' Equity

9 Months Ended

Sep. 30, 2011

Comprehensive Income/Stockholders' Equity [Abstract]

STOCKHOLDERS' EQUITY

6. STOCKHOLDERS’ EQUITY

On April 28, 2011, the company’s board of directors authorized the repurchase of up to $125.0 million in shares of the company’s outstanding common stock. The shares were to be repurchased from time to time through April 30, 2012 in the open market or in privately negotiated transactions. During the nine months ended September 30, 2011, the company repurchased approximately 3.5 million shares for $125.0 million, which completed the authorization. These repurchases included approximately 1.2 million shares in a private, non-underwritten transaction with selling stockholders, comprised of the company’s chief executive officer and affiliates of Spectrum Equity V, L.P., for $50.0 million and approximately 2.3 million shares in the open market for $75.0 million. Of the open market purchases, approximately 1.5 million shares were repurchased for $46.9 million in the three months ended September 30, 2011. Repurchased shares were recorded as treasury stock at cost.