Shareholders' Equity

12 Months Ended

Dec. 31, 2013

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

In February 2011, the Company’s Board of Directors authorized the repurchase of up to 20.0 million shares of the Company’s outstanding shares of common stock in the open market or through privately negotiated transactions. This authorization expired in February 2013. In February 2013, the Company’s Board of Directors authorized the repurchase of up to 25.0 million shares of the Company’s outstanding shares of common stock in the open market or through privately negotiated transactions. This authorization will expire on February 6, 2015.

Under these authorizations, the Company has repurchased 5,988,000 shares for a total of $162.1 million, 10,466,000 shares for a total of $214.2 million and 6,135,000 shares for a total of $160.7 million during the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, there were 19,012,000 shares remaining under the February 2013 authorization that may be repurchased.

On February 9, 2011, the Company’s Board of Directors adopted a dividend policy under which the Company intends to pay quarterly cash dividends on its common stock. During the year ended December 31, 2013, the Company paid dividends quarterly at the rate of $0.09 per share for a total of $51.4 million. During the year ended December 31, 2012, the Company paid dividends quarterly at the rate of $0.07 per share for a total of $42.5 million. During the year ended December 31, 2011, the Company paid dividends quarterly at the rate of $0.06 per share for a total of $38.0 million.