Treasury stock

Treasury stock of $23.3 million as of June 30, 2012 resulted from $1.8 million acquired through repurchases of shares to cover employee minimum tax withholding obligations related to stock compensation vesting events under the Company's Equity Plan and $4.5 million purchased in connection with a share repurchase program, authorizing the Company to purchase up to $20.0 million of the Company's Class A common stock. The following represents the activity relating to the treasury stock held by the Company during the six months ended June 30, 2012:



	Treasury stock shares	Cost (dollars in thousands)		Average cost per share
Balance outstanding at December 31, 2011	5,346,003	$	16,902	$	3.16
Shares purchased for minimum tax withholding under the Equity Plan	743,374	1,841		2.48
Purchase of treasury stock	1,797,309	4,516		2.51
Balance outstanding at June 30, 2012	7,886,686	$	23,259	$	2.95