XML 96 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Shareholders' Equity
6 Months Ended
Jun. 30, 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 six months ended June 30, 2013, the Company repurchased 2,466,658 shares of its common stock for $181,108.  These treasury shares have been or will be retired by the Company and common stock and accumulated earnings were reduced accordingly. Through July 31, 2013, the Company has repurchased an additional 669,054 shares of its common stock for $51,904. At July 31, 2013, 6,864,288 additional shares of common stock may be repurchased under the 2013 Stock Repurchase Program.

 

After declaration by the Board of Directors, the Company generally pays a quarterly dividend on its common stock.  In April 2013, the Board of Directors approved the second quarter 2013 dividend on the Company’s common stock in the amount of $0.105 per share.  For the three and six months ended June 30, 2013, the Company paid dividends in the amount of $16,756 and declared dividends in the amount of $16,713 and $33,468, respectively.  For the three and six months ended June 30, 2012, the Company paid dividends in the amount of $17,048 and $19,500, respectively, and declared dividends in the amount of $16,889 and $33,938, respectively.  In July 2013, the Company’s Board of Directors approved an increase in the quarterly dividend from $0.105 per share to $0.20 per share to be paid on or about October 2, 2013 to holders of record of the Company’s Class A Common stock as of September 11, 2013.