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EQUITY
6 Months Ended
Jun. 30, 2014
EQUITY  
EQUITY

NOTE 9:               EQUITY

 

Share Repurchases

 

On November 6, 2013, our Board approved and authorized the repurchase, on or prior to December 31, 2015, of our outstanding shares of common stock up to an aggregate of $35.0 million (the “2014 Share Repurchase Program”). There were no repurchases of shares under the 2014 Share Repurchase Program during the six months ended June 30, 2014 and no repurchases during the six months ended June 30, 2013 under our prior share repurchase program which expired on December 31, 2013.

 

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 or the exercise of stock options.  During the three months ended June 30, 2014 and 2013, we repurchased 29,440 shares and 96,534 shares, respectively, for approximately $0.4 million and $1.3 million, respectively, to satisfy such employee tax withholding obligations.  During the six months ended June 30, 2014 and 2013, we repurchased 251,675 shares and 271,829 shares, respectively, for approximately $3.6 million and $3.5 million, respectively, to satisfy employee tax withholding obligations as described above.

 

Dividends

 

On June 11, 2014, our Board declared a cash dividend of $0.09 per outstanding share of common stock, which will be paid on September 9, 2014 to shareholders of record as of the close of business on August 1, 2014.   On March 6, 2014, our Board declared a cash dividend of $0.09 per outstanding share of common stock which was paid on June 3, 2014 to shareholders of record as of May 1, 2014.   Dividends payable were approximately $3.2 million and $3.1 million at June 30, 2014 and December 31, 2013, respectively.