Treasury stock

Treasury stock of $64.7 million as of June 30, 2014, compared to $48.1 million as of December 31, 2013, resulted from $5.4 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 or other similar transactions and $11.3 million purchased in connection with a share repurchase program.

The following represents the activity relating to the treasury stock held by the Company during the six months ended June 30, 2014:



	Treasury stock shares	Cost (dollars in thousands)		Average cost per share
Balance outstanding at December 31, 2013	15,873,549	$	48,084	$	3.03
Shares purchased for minimum tax withholding under the Equity Plan or other similar transactions	1,302,340	5,350		4.11
Purchase of treasury stock	2,785,846	11,298		4.06
Balance outstanding at June 30, 2014	19,961,735	$	64,732	$	3.24