Stockholders' Equity

12 Months Ended

Dec. 31, 2013

Share Repurchases [Abstract]

Stockholders' Equity

Equity

In September, 2001, the Board of Directors of the Company authorized a program to repurchase 15.4 million shares, adjusted for stock splits, of the Company’s common stock in open market or negotiated transactions using available cash, cash equivalents and investments.  There were 4.2 million shares repurchased in 2011 for $56.4 million. During February 2012, the Board of Directors increased the shares authorized for repurchase from the amount available to repurchase by approximately 2.8 million shares to a total of 5.0 million shares. As of December 31, 2012 there were approximately 3.2 million shares remaining authorized for repurchase under a repurchase program. There were no shares repurchased in the open market during the year ended December 31, 2013. During the year ended December 31, 2012, 1.8 million shares were repurchased for a total of $24.2 million, all of which were repurchased subsequent to the Board of Directors increased authorization in February 2012. The authorization remains open at December 31, 2013 and has no expiration date. Approximately 3.2 million shares remain authorized for repurchase under the program as of December 31, 2013. Shares repurchased during 2012 and 2011 were accounted for as treasury stock. Any shares purchased under the repurchase program prior to 2011 were retired. The repurchase program may be suspended or discontinued at any time without prior notice.  

During the years ended December 31, 2013, 2012 and 2011 the Company’s Board of Directors declared regular quarterly dividends totaling $6.9 million, $6.9 million, and $7.1 million for each year, respectively.  The Company paid a special dividend of $85.0 million during the fourth quarter of 2012. Future payment of cash dividends and the amount of such dividends will depend upon financial conditions, results of operations, cash requirements, tax treatment, and certain corporate law requirements, as well as factors deemed relevant by our Board of Directors.