Common Stock

12 Months Ended

Dec. 31, 2012

Common Stock [Abstract]

Common Stock

(3) Common Stock

In August 2011, the Board of Directors authorized a program for the repurchase of our outstanding common stock for up to an aggregate cash purchase price of $20.0 million. In May 2012, the Board of Directors authorized an increase to the program from $20.0 million to $40.0 million. The repurchases have been, and will be, carried out in accordance with certain volume, timing and price constraints imposed by the Securities and Exchange Commission (the “SEC”) rules applicable to such transactions. The amount, timing and price of purchases otherwise depend on market conditions and other factors. Through December 31, 2012, we executed trades to repurchase 1,465,300 shares at an aggregate cash purchase price of approximately $20.1 million.  The repurchased shares are held in treasury and could be used to provide available shares for possible resale in future public or private offerings and our employee benefit plans.

We have reserved up to 2,474,000 shares of common stock for the issuance of restricted shares and option shares under our 2009 Long-Term Incentive Plan, with 679,608 shares remaining for issuance as of December 31, 2012. In May 2011, the reserved shares were increased from 1,237,000 shares to 2,474,000. See Note 12, “Employee Benefit Plans” for information regarding the 2009 Long-Term Incentive Plan.

Covenants in certain debt instruments to which we are a party, including our credit facility and the indentures related to our 2012 Senior Notes and 2011 Senior Notes, place certain restrictions and conditions on our ability to pay dividends on our common stock.