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Stock Repurchase Program
3 Months Ended
Jun. 30, 2013
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 were authorized to acquire up to $3 million of our outstanding common stock from time to time through August 2012. On August 9, 2012, our Board of Directors approved a new stock repurchase program pursuant to which we may acquire up to $3 million of our outstanding common stock for an unspecified length of time. Under the new 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 or terminate the repurchase program at any time without prior notice. For the three months ended June 30, 2013 and 2012, we repurchased approximately 175,000 and 308,000 shares of our common stock, respectively. As of June 30, 2013, $783,000 remains available for the repurchase of our common stock under our current program.

 

From inception of the program in August 2011 through June 30, 2013, we repurchased approximately 2,272,000 shares of our common stock for an aggregate of approximately $3.5 million at an average price per share of $1.54. All repurchased shares have been retired and resumed their status as authorized and unissued shares of our common stock as of June 30, 2013.