Subsequent Event Subsequent Event

6 Months Ended

Jun. 30, 2011

Subsequent Event [Abstract]

Schedule of Subsequent Events [Text Block]

Subsequent Event

On July 25, 2011, we issued $60 million aggregate principal amount of 3.75% Convertible Senior Notes due 2016 (the “Notes”) in a private transaction exempt from registration under the Securities Act of 1933, as amended. The Notes will pay interest semi-annually in arrears on January 15 and July 15 of each year, beginning January 15, 2012, at an annual rate of 3.75% and will mature on July 15, 2016, unless earlier converted or repurchased. Subject to fulfillment of certain conditions for periods prior to the close of business on the business day immediately preceding April 15, 2016 and at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date for periods on or after April 15, 2016, the Notes may be converted at the then-applicable conversion rate. The initial conversion rate will be 77.2410 shares of Company common stock (subject to adjustment in certain circumstances) per $1,000 principal amount of Notes. Upon conversion, we will pay cash up to the aggregate principal amount of the Notes to be converted and deliver shares of Company common stock in respect of the remainder, if any, of the conversion obligation in excess of the aggregate principal amount of the Notes being converted. A copy of the indenture (which governs the notes and includes a form of Note) was included as Exhibit 4.1 to our Current Report on Form 8-K filed on July 25, 2011.

In connection with the offering of the Notes, we entered into a convertible note hedge and a warrant transaction with an affiliate of the initial purchaser of the Notes. The convertible note hedge transaction is intended to reduce potential dilution to Company common stock upon conversion of the Notes. However, the warrant transaction will have a dilutive effect on our earnings per share to the extent that the price of Company common stock exceeds the strike price of the warrant. The strike price of the warrant will initially be approximately $17.00 per share. A copy of the convertible note hedge and a warrant transaction, and the amendments thereto, were included as Exhibits 10.2 to 10.5 to our Current Report on Form 8-K filed on July 25, 2011.

We estimate that the net proceeds from this Note offering and warrant transaction were approximately $50.4 million after deducting purchase discounts, other offering expenses, and the aggregate cost of the convertible note hedge, as amended. We intend to use the net proceeds for general corporate purposes, which may include financing potential acquisitions and strategic transactions, growth initiatives and working capital.