MODIFIED DUTCH AUCTION TENDER OFFER

9 Months Ended

Sep. 30, 2012

Modified Dutch Auction Tender Offer [Abstract]

MODIFIED DUTCH AUCTION TENDER OFFER

NOTE J –MODIFIED DUTCH AUCTION TENDER OFFER

On June 12, 2012, we announced a modified “Dutch Auction” tender offer to repurchase up to $10.0 million of our common stock.  The offer period expired on July 11, 2012. On July 17, 2012 we repurchased 4,761,904 shares of our common stock for a total cost of $10.0 million, or $2.10 per share, excluding transaction costs.  The purchase price was funded from cash on hand, and the shares repurchased represented approximately 14% of our issued and outstanding common stock at that time.  We did not acquire any stated or unstated rights or privileges in connection with the repurchase of this common stock and, accordingly, the entire purchase price of $10.4 million, including transaction costs, was accounted for as treasury stock.