Common Stock Repurchase Plan

6 Months Ended

Jun. 30, 2014

Common Stock Share Repurchase Plan [Abstract]

Common Stock Repurchase Plan

Common Stock Repurchase Plans

In October 2013, the Corporation announced that its board of directors had approved a share repurchase program pursuant to which the Corporation was authorized to repurchase up to 4.0 million shares, or approximately 2.1% of its outstanding shares, through March 2014. During the first quarter of 2014, the Corporation repurchased 4.0 million shares under this repurchase plan at an average cost of $12.45 per share, completing this repurchase program on February 19, 2014.

In May 2014, the Corporation announced that its board of directors had approved a share repurchase program pursuant to which the Corporation was authorized to repurchase up to 4.0 million shares, or approximately 2.1% of its outstanding shares, through December 31, 2014. No shares were repurchased under this repurchase plan during the three and six months ended June 30,2014.