Stockholders' Equity

12 Months Ended

Dec. 31, 2013

Stockholders' Equity

12. Stockholders’ Equity

Stock Repurchase Program. We currently have a stock repurchase program, approved by our Board of Directors (the “Board”), authorizing us to repurchase shares of our common stock from time-to-time as market and business conditions warrant (the “Stock Repurchase Program”).

As of December 31, 2013, a summary of the shares repurchased under the Stock Repurchase Program is as follows (in thousands, except per share amounts):

	2013		2012		2011		2010		1999-2009		Total
Shares repurchased		500		823		750		1,500		29,296		32,869
Total amount paid	$	10,129	$	13,349	$	9,930	$	29,340	$	704,222	$	766,970
Weighted-average price per share	$	20.23	$	16.23	$	13.24	$	19.56	$	24.04	$	23.33

As of December 31, 2013, the total remaining number of shares available for repurchase under the Stock Repurchase Program totaled approximately 2.1 million shares.

In addition to the above mentioned stock repurchases, during 2013, 2012, and 2011, we repurchased and then cancelled approximately 264,000 shares, 197,000 shares, and 232,000 shares for $5.4 million, $3.2 million, and $4.4 million, respectively, of common stock from our employees in connection with minimum tax withholding requirements resulting from the vesting of restricted stock under our stock incentive plans.

Cash Dividend.  On June 25, 2013, our Board approved the initiation of a quarterly cash dividend to be paid to our stockholders.  The Board approved cash dividends of $0.15 per share of common stock in June, August, and November to be paid to stockholders in July, September, and December, respectively.  This resulted in a total cash dividend for the year ended December 31, 2013 of $0.45 per share of common stock, totaling $15.2 million, of which $14.5 million had been paid through December 31, 2013 (with the remaining amount attributed to unvested incentive shares to be paid upon vesting).  

In February 2014, our Board approved the next quarterly cash dividend payment of $0.15 per share of common stock to be paid on March 27, 2014.

Convertible Debt Securities. Under GAAP, convertible debt securities that may be settled in cash upon conversion (including partial cash settlement) must be separated into their liability and equity components at initial recognition by: (i) recording the liability component at the fair value of a similar liability that does not have an associated equity component; and (ii) attributing the remaining proceeds from the issuance to the equity component. The carrying amount of the equity component related to our convertible debt securities outstanding, included within additional paid-in capital, net of tax, as of December 31, 2013 and 2012 was $22.9 million.