Stockholders' Equity

12 Months Ended

Dec. 31, 2011

Stockholders' Equity [Abstract]

Stockholders' Equity

14. STOCKHOLDERS' EQUITY

(a) Preferred stock

The Company has authorized 1,000,000 shares of preferred stock, which may be issued from time to time in one or more series. The Board of Directors has the authority to issue the shares of preferred stock in one or more series, to establish the number of shares to be included in each series, and to fix the designation, powers, preferences and rights of the shares of each series and the qualifications, limitations or restrictions thereof, without any further vote or action by the stockholders. The issuance of preferred stock could decrease the amount of earnings and assets available for distribution to holders of common stock, and may have the effect of delaying, deferring or defeating a change in control of the Company. The Company had not issued any shares of preferred stock through December 31, 2011.

(b) Common stock

The Company has 70,000,000 authorized shares of common stock, $0.01 par value per share, of which 37,712,068 shares were issued and outstanding at December 31, 2011.

Since 2004, the Company's Board of Directors has approved stock repurchase programs that have authorized the Company to repurchase in the aggregate up to $86.3 million of its common stock. Purchases under these programs have been made on the open market.

The following table is a summary of the Company's repurchase activity under all of the Company's repurchase programs for the years ended December 31:

(Dollars in thousands)	2011					2010					2009
	Shares		Amount			Shares		Amount			Shares		Amount
Prior year authorizations at January 1,			$	13,237				$	15,779				$	12,862
Authorizations				5,590					5,750					15,000
Repurchases paid		137,429		(4,815	)		294,059		(8,272	)		673,066		(11,947	)
Repurchases unsettled		1,688		(49	)		538		(20	)		3,898		(136	)
Authorized dollars remaining as of December 31,			$	13,963				$	13,237				$	15,779

(c) Dividends

On May 30, 2006, the Company's Board of Directors approved an ongoing quarterly cash dividend of $0.03 per share, beginning with the second quarter ended June 30, 2006. Accordingly, the Company declared $0.12 per share, for the years ended December 31, 2011, 2010 and 2009, and paid cash dividends of $4.5 million, $4.4 million, and $4.3 million, for the years ended December 31, 2011, 2010, and 2009, respectively.

(d) Warrants summary

In August 2009, the Company issued 7,264 shares of its common stock in connection with the exercise of warrants originally issued as part of the consideration for its acquisition of 1mind in 2002. These warrants were exercised by former stockholders of 1mind. As of December 31, 2011, there were outstanding warrants to purchase 3,567 shares of the Company's common stock with an exercise price of $0.85 per share. These warrants expire in 2012.