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Shareholders' Equity
9 Months Ended
Sep. 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 nine months ended September 30, 2013, the Company repurchased 3,956,615 shares of its common stock for $296,975.  These treasury shares have been or will be retired by the Company and common stock and accumulated earnings were reduced accordingly.

 

Contingent upon declaration by the Board of Directors, the Company generally pays a quarterly dividend on its common stock.  In July 2013, the Board of Directors approved the third quarter 2013 dividend on the Company’s common stock in the amount of $0.20 per share.  This represented an increase in the quarterly dividend rate from $0.105 to $0.20 per share effective with the third quarter 2013 dividend 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.  For the three and nine months ended September 30, 2013, the Company paid dividends in the amount of $16,716 and $33,472, respectively, and declared dividends in the amount of $31,629 and $65,101, respectively.  For the three and nine months ended September 30, 2012, the Company paid dividends in the amount of $16,885 and $36,385, respectively, and declared dividends in the amount of $16,964 and $50,905, respectively.