Shareholders' Equity

3 Months Ended

Mar. 31, 2013

Shareholders' Equity

11. Shareholders’ Equity

In February 2011, our Board of Directors authorized a share repurchase program of up to $50 million of our outstanding common stock to be executed at the discretion of management over a three-year period, expiring in February 2014. The program is intended to offset shares issued in conjunction with our stock incentive plans and may be suspended or discontinued at any time. During the first three months of 2013, we repurchased in open-market transactions and retired approximately 74 thousand shares of our common stock for an aggregate of $2.3 million, or an average price per share of $30.79. During the first quarter of 2012, we repurchased in open-market transactions and retired approximately 125 thousand shares of our common stock for an aggregate of $3.8 million, or an average price per share of $30.08. As of March 31, 2013, we had approximately $16.6 million remaining under the repurchase program. We have elected to allocate any excess of share repurchase price over par value to retained earnings.