Capital Stock

12 Months Ended

Dec. 31, 2012

Capital Stock [Abstract]

CAPITAL STOCK

12. CAPITAL STOCK:

Common and Preferred Stock -

The Company’s stockholders had authorized 48.0 million shares of common stock available for issuance as of December 31, 2012 and 2011, and had 2.0 million shares of preferred stock available for issuance as of December 31, 2012 and 2011.

Stock Repurchase Program -

In December 2007, our Board of Directors (the “Board”) authorized a stock repurchase program for up to $5.0 million of common stock on the open market or through privately negotiated transactions from time-to-time through December 31, 2008 (the “Stock Repurchase Program”). The Board subsequently amended the Stock Repurchase Program, authorizing both an increase to and an extension of the Stock Repurchase Program. The Stock Repurchase Program, as amended, had a maximum purchase value of shares of $13.5 million (the “Purchase Authorization”) and was scheduled to expire on September 21, 2012 (the “Repurchase Period”). In September 2012, the Board approved both a $2.6 million increase to the Purchase Authorization, to $16.1 million, and an extension of the Repurchase Period to September 20, 2013. As of December 31, 2012, there was $4.5 million of remaining Purchase Authorization under the Stock Repurchase Program.

The timing and amount of the purchases will be based upon market conditions, securities law considerations and other factors. The Stock Repurchase Program does not obligate the Company to acquire a specific number of shares in any period and may be modified, suspended, extended or discontinued at any time, without prior notice.

In March 2012, the Board authorized a written trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934 to facilitate the repurchase of its common stock pursuant to the Company’s existing stock repurchase authorization (the “10b5-1 Plan”). The 10b5-1Plan became effective on March 15, 2012 and was terminated on September 4, 2012.

The Company repurchased a total of 694 thousand and 1.2 million shares of common stock during the years ended December 31, 2012 and 2011, respectively, at an aggregate purchase price of $2.6 million and $3.2 million, respectively.