Shareholders' Equity

12 Months Ended

Dec. 31, 2013

Shareholders' Equity

Shareholders' Equity

14. Shareholders' Equity

        Our common stock has a par value of $0.01 per share. At December 31, 2013 and 2012, there were 20,000,000 shares of common stock authorized.

        On August 9, 2013, the Company entered into a sales agreement (the "Agreement") with an independent sales agent ("Agent"), under which the Company may, from time to time, sell shares of its common stock, par value $0.01 per share (the "Shares"), having an aggregate offering price of up to $25.0 million through the Agent. Under the Agreement, the Agent may sell the Shares by methods deemed to be an "at-the-market" offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including sales made directly on the NASDAQ Global Select Market, on any other existing trading market for the common stock or to or through a market maker. In addition, with the prior consent of the Company, the Agent may sell the Shares by any other method permitted by law, including in privately negotiated transactions.

        The Agreement will terminate upon the earlier of (i) sale of the Shares under the Agreement having an aggregate offering price of $25.0 million and (ii) the termination of the Agreement as permitted therein. The Agreement may be terminated by the Agent or the Company at any time upon 10 days notice to the other party, or by the Agent at any time in certain circumstances, including the occurrence of a material adverse change in the Company.

        As of December 31, 2013, we have sold 610,389 shares under this Agreement of which all shares were from shares of common stock held by the Company in treasury. The aggregated net proceeds from the sales of Shares were $8.9 million.

        As of December 31, 2013, the Company has 20,000,000 common shares of stock authorized and 12,472,992 shares issued. On December 31, 2013, 2012 and 2011, we had 12,397,867, 11,732,714 and 11,659,012 shares of common stock outstanding, respectively.

        The number of shares of common stock in treasury was as follows:

	December 31,
	2013			2012			2011
Balance at beginning of period		740,278			813,980			865,703
Shares issued under stock offering program		(610,389	)		—			—
Shares distributed/exercised		(79,530	)		(113,439	)		(72,171	)
Shares purchased		24,766			39,737			15,448
Shares forfeited		—			—			5,000
Balance at end of period		75,125			740,278			813,980