Treasury stock

Treasury stock of $27.8 million as of September 30, 2012, compared to $16.9 million as of December 31, 2011, resulted from $2.7 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 $8.2 million purchased in connection with a share repurchase program. In August 2012, the Company's Board of Directors approved a $15.0 million increase in the Company's share repurchase program that authorizes the Company to purchase the Company's Class A common shares. The total amount authorized as of September 30, 2012 is $35.0 million.

The following represents the activity relating to the treasury stock held by the Company during the nine months ended September 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	1,062,296	2,652		2.50
Purchase of treasury stock	3,211,852	8,252		2.57
Balance outstanding at September 30, 2012	9,620,151	$	27,806	$	2.89