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Treasury Stock and Dividends
6 Months Ended
Jun. 30, 2014
Text Block [Abstract]  
Treasury Stock and Dividends

6. Treasury Stock and Dividends

During the six months ended June 30, 2014 and 2013, the Company repurchased 66,913 and 80,000 common shares, respectively, at a weighted average price of $186.77 and $187.03 per share, respectively, plus transaction costs for a total cost of approximately $12.5 million and $15.0 million, respectively. The Company has repurchased a total of 416,913 shares of common stock at a weighted average price of $119.74 per share plus transaction costs for a total cost of $49.9 million under its share repurchase program. At June 30, 2014, there were 283,087 shares of common stock available to repurchase under the Company’s current authorization through the share repurchase program.

On May 15, 2014, the Board of Directors approved a cash dividend on the Company’s common stock in the amount of $0.45 per share to stockholders of record as of July 31, 2014, to be paid on August 14, 2014. The total dividend to be paid is approximately $4.2 million and is included in liabilities in the condensed consolidated balance sheet at June 30, 2014.