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Stockholders' Equity
6 Months Ended
Jun. 30, 2013
Stockholders' Equity

Note 6 – Stockholders’ Equity

Dividends on our Common Stock

The Executive Committee, acting on behalf of the Board of Directors, declared the following dividends during the periods presented:

 

Declaration Date

   Dividend
Per Share
     Record Date      Total Amount
(in thousands)
     Payment Date  

Six months ended June 30, 2013:

           

February 5, 2013

   $ 0.13         March 11, 2013       $ 17,983         March 28, 2013   

April 24, 2013

     0.13         May 30, 2013         17,638         June 19, 2013   

Six months ended June 30, 2012:

           

February 9, 2012

   $ 0.09         March 12, 2012       $ 12,204         March 30, 2012   

April 25, 2012

     0.09         May 30, 2012         12,205         June 19, 2012   

In addition, on July 24, 2013, the Executive Committee, acting on behalf of the Board of Directors, declared a quarterly cash dividend of $0.15 per share of outstanding common stock payable on September 18, 2013 to stockholders of record as of the close of business on August 28, 2013. Future declarations of dividends are subject to final determination by our Board of Directors.

Share Repurchases

In April 2012, the Executive Committee, acting on behalf of the Board of Directors, authorized a repurchase of up to 20 million outstanding shares of our common stock. There is no fixed termination date for the repurchases. During the first half of 2013, we repurchased, through open market transactions, 2.0 million shares under this authorization for a total cost of $127 million, excluding transaction costs, representing an average repurchase price of $63.60 per share. As of June 30, 2013, 16.1 million shares remain authorized for repurchase under the 2012 authorization.

Employee Stock Purchase Plan

During the first quarter of 2013, we announced our 2013 Employee Stock Purchase Plan (“ESPP”), which allows shares of our common stock to be purchased by eligible employees at three-month intervals at 85% of the fair market value of the stock on the last day of each three-month period. The first three-month exercise period began on June 1, 2013; the corresponding purchase for this exercise period will take place on August 30, 2013. Eligible employees are allowed to contribute up to 10% of their base compensation. We have reserved 1.5 million shares of our common stock for issuance under the ESPP.