Stockholders' Equity

12 Months Ended

Dec. 31, 2011

Stockholders' Equity [Abstract]

Stockholders' Equity

10. STOCKHOLDERS' EQUITY

Common Stock

In 2011, the Company issued 25,001 shares of common stock upon the exercise of stock options and received proceeds of $129. During 2011, employees surrendered to the Company 147,848 shares of common stock valued at $1,923 for payment of the minimum tax withholding obligations. Also, in 2011, the Company issued 154,836 shares of common stock as compensation to board members and spokespersons pursuant to their respective contracts. Costs recognized for the vested portion of these stock grants were $1,296 which approximated fair value. During each of the four quarters of 2011, the Company paid a dividend of $0.175 per share to all stockholders of record. Subsequent to December 31, 2011, the Board of Directors declared a quarterly dividend of $0.175 per share payable on March 26, 2012 to stockholders of record as of March 15, 2012. As of December 31, 2011, 70,313 shares of common stock issued to spokespersons remain unvested. Additional expense for those shares will be recognized upon vesting.

In 2010, the Company issued 54,927 shares of common stock upon the exercise of stock options and received proceeds of $124. During 2010, employees surrendered to the Company 154,585 shares of common stock valued at $3,497 for payment of the minimum tax withholding obligations. Also, in 2010, the Company issued 30,700 shares of common stock as compensation to board members and spokespersons pursuant to their respective contracts. Costs recognized for these stock grants were $622 which approximated fair value. During each of the four quarters of 2010, the Company paid a dividend of $0.175 per share to all stockholders of record.

In 2009, the Company issued 119,806 shares of common stock upon the exercise of stock options and received proceeds of $563. During 2009, employees surrendered to the Company 118,307 shares of common stock valued at $1,726 for payment of the minimum tax withholding obligations. Also, in 2009, the Company issued 39,039 shares of common stock as compensation to board members and spokespersons pursuant to their respective contracts. Costs recognized for these stock grants were $538 which approximated fair value. During each of the four quarters of 2009, the Company paid a dividend of $0.175 per share to all stockholders of record.

On July 28, 2011, the Company announced that its Board of Directors had authorized a new stock repurchase program of up to $150,000 of the Company's outstanding shares of common stock in open-market transactions on the NASDAQ National Market or through privately negotiated transactions, including block transactions. The timing and actual number of shares repurchased depend on a variety of factors including price, corporate and regulatory requirements, alternative investment opportunities and other market conditions. This stock repurchase program has an expiration date of June 30, 2013 but may be limited or terminated at any time by the Board of Directors without prior notice. No shares of common stock were repurchased during 2011.

Under previously authorized stock repurchase plans, the Company purchased and retired 3,270,429 shares of common stock for an aggregate cost of $74,997 during 2010 and 132,200 shares of common stock for an aggregate cost of $1,939 during 2009. The cost of the purchased shares was reflected in the accompanying statement of stockholders' equity as a reduction of common stock (equal to par value of purchased shares), additional paid-in capital ("APIC") (equal to balance in APIC) with the excess recorded as a reduction in retained earnings.

Preferred Stock

The Company has authorized 5,000,000 shares of preferred stock issuable in series upon resolution of the Board of Directors. Unless otherwise required by law, the Board of Directors can, without stockholder approval, issue preferred stock in the future with voting and conversion rights that could adversely affect the voting power of the common stock. The issuance of preferred stock may have the effect of delaying, averting or preventing a change in control of the Company.