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Share Repurchase Program
9 Months Ended
Sep. 30, 2013
Equity  
Share Repurchase Program

10. Share Repurchase Program

 

On August 3, 2007, the Board of Directors approved a share repurchase program of up to $30,000 of the Company's outstanding common shares. As of September 30, 2013, the Board of Directors had authorized increases to the existing share repurchase program of up to $90,000 of the Company's outstanding common shares. On November 4, 2013, the Board of Directors again increased the existing share repurchase program by authorizing repurchase of up to $150,000 of the Company's outstanding common shares. Under the program, the Company may repurchase shares of its common stock for cash in public or private transactions, in the open market or otherwise. The timing of such repurchases and actual number of shares repurchased will depend on a variety of factors including price, market conditions and applicable regulatory and corporate requirements.  The program does not require the Company to repurchase any specific number of shares and it may be modified, suspended or terminated at any time without prior notice.

 

       During the nine months ending September 30, 2013, the Company purchased 90,902 shares on the open market under the program at a cost of $4,799. No share purchases were made under the program during the nine months ending September 30, 2012. As of September 30, 2013, the Company had purchased 1,819,547 shares on the open market at a cost of $60,368. As of December 31, 2012, the Company had purchased 1,728,645 shares on the open market at a cost of $55,569.