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Shareholders' Equity
3 Months Ended
Mar. 31, 2013
Shareholders' Equity  
Shareholders' Equity

Note 9—Shareholders’ Equity

 

In January 2013, the Company’s Board of Directors authorized a stock repurchase program under which the Company may repurchase up to 10,000,000 shares of its common stock during the two year period ending January 31, 2015 (the “2013 Stock Repurchase Program”). The price and timing of any such purchases under the 2013 Stock Repurchase Program will depend on factors such as levels of cash generation from operations, the volume of stock option exercises by employees, cash requirements for acquisitions, economic and market conditions and stock price.  During the three months ended March 31, 2013, the Company repurchased 1,243,561 shares of its common stock for approximately $85,300.  These treasury shares have been or will be retired by the Company and common stock and accumulated earnings were reduced accordingly.

 

After declaration by the Board of Directors, the Company generally pays a quarterly dividend on its common stock.  In January 2013, the Board of Directors approved the first quarter 2013 dividend on the Company’s common stock in the amount of $0.105 per share.  For the three months ended March 31, 2013, the Company paid dividends in the amount of nil and declared dividends in the amount of $16,755.  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.