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Shareholders' Equity
3 Months Ended
Mar. 31, 2014
Shareholders' Equity  
Shareholders' Equity

Note 9—Shareholders’ Equity

 

In January 2013, the 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 after March 31, 2014 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, 2014, the Company repurchased 1,410,983 shares of its common stock for $121,130.  These treasury shares have been retired by the Company and common stock and retained earnings were reduced accordingly.  Through April 30, 2014, the Company has repurchased an additional 167,592 shares of its common stock for $15,891.   At April 30, 2014, approximately 4.1 million additional shares of common stock may be repurchased under the 2013 Stock Repurchase Program.

 

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 an increase in the quarterly dividend rate from $0.105 to $0.20 per share effective with the third quarter 2013 dividend.  For the three months ended March 31, 2014, the Company did not pay any dividends and declared dividends in the amount of $31,416 which were paid in April 2014.  For the three months ended March 31, 2013, the Company did not pay any dividends and declared dividends in the amount of $16,755.