Stockholders' Equity

3 Months Ended

Mar. 31, 2014

Stockholders' Equity

Stockholders' Equity

9. Stockholders' Equity

• Earnings Per Share

        Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed considering the dilutive effect of stock options, contingently issuable restricted stock and restricted stock units.

        There were no anti-dilutive stock options for the three months ended March 31, 2014 and approximately 0.5 million anti-dilutive stock options excluded from the calculation of diluted EPS for the three months ended March 31, 2013.

        The following table reconciles the number of shares outstanding with the number of shares used in computing basic and diluted earnings per share for each of the periods presented (in thousands):

	Three Months Ended March 31,
	2014			2013
Common shares outstanding, end of period(a)		37,597			37,059
Effect of using weighted average common shares outstanding		(15	)		8
Shares used in computing earnings per share—basic		37,582			37,067
Effect of shares issuable under stock option plans based on the treasury stock method		186			92
Effect of contingently issuable restricted shares		122			174
Shares used in computing earnings per share—diluted		37,890			37,333

(a)

Excludes 0.1 million and 0.2 million shares of unvested contingently issuable restricted stock outstanding as of March 31, 2014 and 2013, respectively.

• Share Repurchase Program

        On March 29, 2007, our Board of Directors (the "Board") approved a stock repurchase program to acquire up to 1.0 million shares of our outstanding common stock. Subsequently, the Board has from time to time approved extensions of the program to acquire additional shares. Since the inception of the repurchase program, the Board has approved 6.6 million shares to be repurchased.

        The share repurchases will be made from time to time at our discretion in the open market or privately negotiated transactions as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. The Board may modify, suspend, extend or terminate the program at any time. During the current quarter, we repurchased less than 0.1 million shares for approximately $0.4 million at an average price of $16.64 per share. Since the inception of the program in 2007 and as of March 31, 2014, we have repurchased a cumulative total of 6.0 million shares at an average price of $11.03 per share.