EQUITY

6 Months Ended

Jun. 30, 2012

EQUITY

EQUITY

NOTE 9:               EQUITY

Share Repurchase

On June 1, 2012, our board of directors (the “Board”) authorized the repurchase, on or prior to December 31, 2013, of up to an aggregate of $35.0 million of our outstanding shares of common stock (the “2012 Share Repurchase Program”).  Repurchases may be made pursuant to the 2012 Share Repurchase Program from time to time at prevailing market prices in the open market, in block trades or in privately negotiated purchases, or any combination thereof.  Epiq may utilize one or more plans with its brokers or banks for pre-authorized purchases within defined limits pursuant to applicable laws to effect all or a portion of the repurchases.  The timing, manner, price and amount of any share repurchases under the 2012 Share Repurchase Program will be determined by the Company in its discretion and will be subject to market and economic conditions, prevailing stock prices, loan covenants, leverage objectives, applicable legal and regulatory requirements, and other factors.  On June 1, 2012, the Board also approved the termination of our previous share repurchase program authorized by the Board in October 2010 (the “2010 Share Repurchase Program”).  There were no share repurchases under the 2010 Share Repurchase Program during the second quarters of 2012 or 2011.

As of June 30, 2012, we had purchased 120,000 shares of common stock under the 2012 Share Repurchase Program for approximately $1.4 million, at an average cost of $12.04 per share.  During the six months ended June 30, 2011, we purchased 745,414 shares of common stock under the 2010 Share Repurchase Program for approximately $10.0 million, at an average cost of $13.37 per share.

We also have a policy that requires shares to be repurchased by us to satisfy employee tax withholding obligations upon the vesting of restricted stock awards.  During the three months ended June 30, 2012, we repurchased 14,325 shares for approximately $0.2 million from an employee which satisfied the employee’s tax withholding obligation.  During the six months ended June 30, 2012, we repurchased 169,093 shares for approximately $2.0 million and during the six months ended June 30, 2011, we repurchased 66,290 shares for approximately $0.9 million to satisfy employee tax withholding obligations upon the vesting of restricted stock awards.

Dividend

On March 1, 2012, the Board declared a cash dividend of $0.05 per outstanding share of common stock, which was paid on May 18, 2012 to shareholders of record as of the close of business on April 16, 2012.  On May 29, 2012, the Board declared a cash dividend of $0.065 per share of outstanding common stock, payable on August 17, 2012 to shareholders of record as of the close of business on July 16, 2012.  Dividends payable of approximately $2.3 million is included as a component of “Other accrued liabilities” in the Condensed Consolidated Balance Sheets at June 30, 2012.