

9.	SHAREHOLDERS’ EQUITY:

Stock Repurchase Program

On November 14, 2012, the Company's Board of Directors approved a stock repurchase program authorizing the Company to purchase shares of its common stock up to a total purchase price of $50.0 million over the subsequent 12 months. During the years ended December 31, 2013 and 2012, the Company purchased 195,599 and 205,902 shares, respectively, at a cost of approximately $5.5 million and $5.2 million, respectively. The repurchase program ended during the quarter ended December 31, 2013.

Public Offering

In March 2011, the Company sold 5,750,000 shares of its Common Stock at $46.00 per share in a registered underwritten public offering. The offering resulted in proceeds to the Company of $249.6 million, which was net of $14.9 million in underwriting discounts and commissions and other costs associated with completion of the offering.

Warrants to Purchase Common Stock

During the year ended December 31, 2011, warrants to purchase 586,972 shares of common stock were exercised, resulting in proceeds to the Company of $7.4 million. As of December 31, 2013, 2012 and 2011, the Company had no warrants to purchase shares of the Company’s common stock outstanding.

Scientific Advisory Board and Employee Awards

In March 2013 and 2012 and in January 2011, respectively, the Company granted a total of 22,568, 16,866 and 59,472 shares of fully vested common stock to employees and non-employee members of the Scientific Advisory Board for services performed in 2012, 2011 and 2010, respectively. The fair value of the shares issued was $435,000, $376,000 and $1.8 million, respectively, for employees and $300,000, $300,000 and $300,000, respectively, for non-employee members of the Scientific Advisory Board, which amounts were accrued at December 31, 2012, 2011 and 2010, respectively. In connection with the issuance of these grants, 4,672, 3,070 and 18,792 shares, respectively, with fair values of $154,000, $124,000 and $655,000, respectively, were withheld in satisfaction of employee tax withholding obligations in 2013, 2012 and 2011, respectively.