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Stock Repurchase Program
6 Months Ended
Jun. 30, 2013
Stock Repurchase Program and Other Comprehensive Loss [Abstract]  
Stock Repurchase Program

13. Stock Repurchase Program

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. The program authorized share repurchases 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 was terminated by the Board of Directors on April 26, 2013. As of June 30, 2013 and December 31, 2012, no shares had been repurchased under the 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. The program authorized share repurchases 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.

No shares were repurchased during the three months ended June 30, 2012. The Company repurchased and retired 2,990 shares for an aggregate cost of $86,000 during the six months ended June 30, 2012, which reduced capital in excess of par by the excess cost over par value in the Company’s unaudited condensed consolidated balance sheet at June 30, 2012. There were no unsettled share repurchases at June 30, 2012.