Stockholders' Equity

12 Months Ended

Dec. 31, 2012

Stockholders' Equity [Abstract]

Stockholders' Equity

NOTE 17

Stockholders’ Equity

Stock Repurchase Program

In December 2011, the Company’s Board of Directors approved a 2012 stock repurchase program authorizing the repurchase of up to an aggregate of $25.0 million of its outstanding shares of common stock. Under the program, share repurchases will be made from time-to-time, at the Company’s discretion, on the open market at prevailing market prices or in negotiated transactions off the market. The repurchase program expired at the end of 2012. The Company repurchased and retired 100,852 shares for an aggregate cost of $2.5 million during the year ended December 31, 2012, which reduced capital in excess of par by the excess cost over par value in the Company’s consolidated balance sheet at December 31, 2012. There were no unsettled share repurchases at December 31, 2012.

In December 2012, the Company’s Board of Directors approved a 2013 stock repurchase program authorizing the repurchase of up to an aggregate of $15.0 million of its outstanding shares of common stock. Under the program, share repurchases will be made from time-to-time, at the Company’s discretion, on the open market at prevailing market prices or in negotiated transactions off the market. The repurchase program expires at the end of 2013, subject to the periodic evaluation by the Board of Directors based on circumstances during the course of the year. As of December 31, 2012, no shares had been repurchased under the program.

Dividends

During the third quarter of 2012, the Company’s Board of Directors declared a cash dividend of $10.00 per common share and paid $88.8 million on October 19, 2012 to holders of record on September 28, 2012.

In October 2012, the Company’s Board of Directors approved a dividend policy under which the Company will pay a quarterly cash dividend beginning in the fourth quarter of 2012. On November 1, 2012, the Board of Directors declared a cash dividend of $0.15 per common share and paid $1.3 million on December 17, 2012 to holders of record on November 30, 2012.