Stockholders' Equity

12 Months Ended

Dec. 31, 2012

Stockholders' Equity [Abstract]

Stockholders' Equity

9.           Stockholders' Equity

Repurchase Program

Our Board of Directors (the "Board") has authorized a program to repurchase up to 14,500,000 shares of our outstanding common stock ("Repurchase Program").  The purchases are to be made from time to time in the open market or directly from stockholders at prevailing market prices based on market conditions or other factors.  We repurchased 407,400 shares under the Repurchase Program during 2012.  In addition, 107,293 shares were withheld during 2012 to satisfy tax withholding obligations for the vesting of restricted stock awards.  These purchases are not subject to the Repurchase Program.  During 2011, we repurchased 902,521 shares under the Repurchase Program and 108,280 shares were withheld to satisfy tax withholding obligations for the vesting of restricted stock awards.  As of December 31, 2012, we were authorized to repurchase an additional 829,472 shares under the Repurchase Program.  Shares repurchased under the Repurchase Program and shares withheld to satisfy tax withholding obligations for the vesting of restricted stock awards are recorded in treasury.

Dividends

The Board declared quarterly dividends of $0.17 per share of common stock in the second, third and fourth quarters of 2012 and $0.15 per share of common stock in the first quarter of 2012 and each quarter of 2011.  Additionally, the Board declared a special dividend of $1.00 per share of common stock in the fourth quarter of 2012, resulting in a total of $42.7 million and $15.7 million in dividends paid in 2012 and 2011, respectively.

Tender Offer for Common Stock

In November 2012, we commenced a modified "Dutch auction" tender offer to purchase up to $50 million in value of our common stock at a price not less than $27.00 per share and not more than $31.00 per share.  The tender offer period expired on December 21, 2012, resulting in the repurchase of 80,983 shares at a per share price of $31.00 and an aggregate price of $3.2 million, including transaction costs.  The shares were immediately retired.

Preferred Stock

At December 31, 2012, 20 million shares of preferred stock were authorized, of which 600,000 shares were designated as Series A Junior Participating Preferred Stock that is reserved for issuance on exercise of preferred stock purchase rights under our Share Purchase Rights Plan (the "Rights Plan").  Each issued share of our common stock has one preferred stock purchase right attached to it.  No preferred shares have been issued and the rights are not currently exercisable.  The Rights Plan expires on November 13, 2017.