Stock Repurchase Program

3 Months Ended

Jun. 30, 2012

Stock Repurchase Program

Stock Repurchase Program

9.Stock Repurchase Program

In August 2011, our Board of Directors approved a stock repurchase program pursuant to which we may acquire up to $3 million of our outstanding common stock from time to time until August 2012. Under the program, we may repurchase shares from time to time in open-market and privately negotiated transactions and block trades, and may also repurchase shares pursuant to a 10b5-1 trading plan during our closed trading windows. There is no guarantee as to the exact number of shares that will be repurchased. We may modify, terminate or extend the repurchase program at any time without prior notice. From inception of this program through June 30, 2012, we repurchased approximately 882,000 shares of our common stock for approximately $1.2 million at an average price per share of $1.34. All repurchased shares have been retired and resumed their status as authorized and unissued shares of our common stock.