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Share Repurchase Program
9 Months Ended
Sep. 30, 2013
Share Repurchase Program [Abstract]  
SHARE REPURCHASE PROGRAM
SHARE REPURCHASE PROGRAM
On July 26, 2012, the Company announced that its Board of Directors authorized the repurchase of $30.0 million of the Company’s common stock. As of September 30, 2013, the total remaining authorized amount available for repurchase was $6.0 million. On October 24, 2013, the Company announced that its Board of Directors authorized the repurchase of another $30.0 million of the Company’s common stock.
Shares of common stock purchased pursuant to the repurchase program are cancelled from outstanding shares upon repurchase. Share repurchases are recorded as a reduction to common stock to the extent available. Any amounts repurchased which are in excess of the existing total common stock balance are recorded as a reduction of retained earnings. Share repurchases are intended to reduce the number of outstanding shares of common stock to increase shareholder value and offset dilution from the Company’s stock incentive plans and ESPP. During the nine months ended September 30, 2013, the Company repurchased 1,323,367 shares of its common stock for an aggregate price of $13.2 million.