Stock Repurchase Plan

6 Months Ended

Jun. 30, 2014

Stock Repurchase Plan

Stock Repurchase Plan

Note 13 — Stock Repurchase Plan

In July 2013, our Board authorized us to repurchase $150 million of our outstanding common stock (“2013 Repurchase Plan”).  During the quarter the Company completed the 2013 Repurchase Plan.  In June 2014, our Board authorized an additional plan to repurchase $150 million of our outstanding common stock (“2014 Repurchase Plan”).  During the first six months of 2014, the Company spent $114.5 million to repurchase 2,764,576 shares of common stock under the approved plans.  At June 30, 2014, there is $145 million remaining authorized under the 2014 Repurchase Plan.

In December 2012, our Board authorized us to repurchase up to $50 million of our outstanding common stock (“2012 Repurchase Plan”).  During the six-month period ended June 30, 2013, the Company repurchased a total of 1,573,588 shares at a cost of $50 million and completed the 2012 Repurchase Plan.