XML 46 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Event
9 Months Ended
Sep. 30, 2012
Subsequent Events [Abstract]  
SUBSEQUENT EVENT

13. SUBSEQUENT EVENT

On November 8, 2012, the Company announced a performance improvement plan with the objective of reducing its cost structure by approximately $18.0 to $20.0 million in 2013. Non-recurring expenses to achieve these cost reductions are estimated at approximately $1.0 million, substantially all of which are expected to be incurred in the fourth quarter of 2012.

In addition, the Company announced a cash dividend of $0.14 per common share payable on December 19, 2012 to shareholders of record on November 28, 2012. While the Company intends to pay regular cash dividends on a quarterly basis for the foreseeable future, the payment of dividends is at the discretion of the Board of Directors and is subject to, among other things, the availability of and needs for the Company’s capital resources, restrictions under the Company’s Credit Agreement and other factors. The Company also announced that the Board of Directors had authorized an up to $10.0 million stock repurchase program. Purchases are expected to be made from time to time in open-market or privately negotiated transactions as circumstances warrant. As noted in the Long-Term debt and Borrowing Agreements footnote, subsequent to September 30, 2012, the Company reduced its revolving credit facility capacity.