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Share Repurchase Program
6 Months Ended
Jun. 30, 2014
Share Repurchase Program [Abstract]  
SHARE REPURCHASE PROGRAM
SHARE REPURCHASE PROGRAM

On October 24, 2013, the Company announced that its Board of Directors authorized the repurchase of $30.0 million of the Company’s common stock, which increased the total approval for repurchase since February 2010 to $120.0 million. Under our stock repurchase program, as of June 30, 2014, we have remaining authorization to repurchase $19.9 million of our common stock.

Shares of common stock purchased pursuant to the repurchase program are canceled 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 six months ended June 30, 2014, the Company repurchased 0.6 million shares of its common stock for an aggregate price of $5.9 million, which included $0.1 million of share repurchases pending cash settlement as of June 30, 2014.