Shareholders' Equity

3 Months Ended

Mar. 31, 2012

Shareholders' Equity

Shareholders' Equity

Note 9—Shareholders’ Equity

In January 2011, the Company’s Board of Directors authorized a stock repurchase program under which the Company may repurchase up to 20,000,000 shares of its common stock during the three year period ending January 31, 2014 (the “Program”). During the three months ended March 31, 2012, the Company repurchased 1,495,910 shares of its common stock for approximately $81,885.  These treasury shares have been or will be retired by the Company and common stock and accumulated earnings were reduced accordingly.  Through April 30, 2012, the Company has repurchased an additional 845,000 shares of its common stock for $48,249.  At April 30, 2012, approximately 4,230,700 additional shares of common stock may be repurchased under the Program.

After declaration by the Board of Directors, the Company pays a quarterly dividend on its common stock.  In January 2012, the Board of Directors approved the first quarter 2012 dividend on the Company’s common stock in the amount of $.105 per share.  This represents an increase in the quarterly dividend rate from $.015 to $.105 per share effective with the first quarter 2012 dividend, which was paid in April 2012.  For the three months ended March 31, 2012, the Company paid dividends in the amount of $2,448 and declared dividends in the amount of $17,049.  For the three months ended March 31, 2011, the Company paid dividends in the amount of $2,633 and declared dividends in the amount of $2,642.