Stockholders' Equity - Note 8

12 Months Ended

Dec. 31, 2011

Stockholders' Equity [Abstract]

Stockholders' Equity Disclosure

8. STOCKHOLDERS' EQUITY

Common Stock

On May 16, 2011, we completed a registered public offering of 7.8 million newly issued shares of our common stock. The common stock was issued at a price to the public of $1.80 per share. We received net proceeds of approximately $12.6 million from the offering after deducting underwriting discounts and estimated offering expenses of $1.5 million.

Common Stock Repurchase Program

In March 2007, our Board of Directors approved a common stock repurchase plan (Repurchase Plan) that authorized the repurchase of up to $20.0 million of outstanding shares of our common stock through open-market purchases or private transactions. In October 2007, our Board of Directors expanded the Repurchase Plan, authorizing the repurchase of up to an additional $30.0 million of shares of our common stock through open-market purchases or private transactions. By December 31, 2008, a total of 3.8 million shares had been repurchased against the original and expanded Repurchase Plan, at a weighted-average purchase price of $9.20 for a total purchase price of approximately $35.0 million. Our last repurchase of common stock under this plan was in the first quarter of 2008. On May 2, 2011, we terminated the Repurchase Plan.

We report common stock repurchased as treasury stock in the accompanying consolidated balance sheets. Including previous common stock repurchase plans from 1997 and 1998, our treasury stock as of December 31, 2011 was 4.2 million shares at a total purchase price of $38.0 million.

Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income, net of related tax, at December 31, 2011 and 2010 are as follows:

	December 31,
	2011	2010
	(thousands)
Accumulated other comprehensive income:
Cumulative translation adjustments	$ 20,466	$ 20,308
Unrealized investment gain (loss), net of tax	6	(101)
	$ 20,472	$ 20,207

Stockholder Rights Plan

On July 28, 2005, we adopted a Stockholder Rights Plan (Rights Plan), under which stockholders of record at the close of business on August 15, 2005 received one share purchase right (Right) for each share of our common stock held on that date. The Rights, which currently trade with our common stock and represent the right to purchase one one-thousandth of a share of preferred stock at $55.00 per share, become exercisable when a person or group acquires 15 percent or more of our common stock (acquiror) without prior approval of our Board of Directors. In that event, the Rights would permit our stockholders, other than the acquiror, to purchase shares of the our common stock having a market value of twice the exercise price of the Rights, in lieu of the preferred stock. Also, under the Rights Plan, (i) prior to a person or group acquiring 15 percent of our common stock, we can redeem the Rights for $0.001 each; (ii) we can issue one Right for each share of common stock that becomes outstanding after the record date and before the acquisition of 15 percent of its common stock by an acquiror; (iii) when the Rights become exercisable, our Board of Directors may authorize the issuance of one share of our common stock in exchange for each Right that is then exercisable; and (iv) in the event of certain business combinations, the Rights permit the purchase of the common stock of an acquiror at a 50 percent discount. The

Rights expire on July 27, 2015. As of December 31, 2011, we had approximately 50.0 million share purchase rights outstanding.