Common Stock

6 Months Ended

Jun. 30, 2011

Common Stock [Abstract]

COMMON STOCK

5. COMMON STOCK

In September 2001 through December 31, 2008, the Board of Directors (“Board”) authorized the Company to purchase, in the open market or in privately negotiated transactions, up to 2,250,000 shares of the Company’s common stock. In March 2009, the Board authorized the repurchase of up to 10% or approximately 1,200,000 shares of its common stock (“March 2009 Authorization”). In connection with the March 2009 Authorization, the Company amended its bank credit agreement to permit share repurchases of up to $15,000,000. The Company is required to retire shares purchased under the March 2009 Authorization. Since there is no expiration date for the two share repurchase programs, additional shares may be purchased from time to time in the open market or private transactions depending on price, availability and the Company’s cash position. During the six months ended June 30, 2011, the Company did not purchase any shares of its common stock. Using the June 30, 2011 closing price of $24.73 per share, there were approximately 325,000 shares remaining that could be purchased under these programs.