Stockholders' Equity

3 Months Ended

Mar. 31, 2013

Stockholders' Equity

7. Stockholders’ Equity:

The following table summarizes the changes in stockholders’ equity during the three months ended March 31, 2013:

	Common Stock						Capital In Excess of			Retained			Accumulated Other Comprehensive			Treasury Stock
	Shares			Amount			Par Value			Earnings			Income (Loss)			Shares		Amount			Total
	(in thousands)
Balance at December 30, 2012		61,696,806		$	6,170		$	447,449		$	823,012		$	5,880			43,814,979	$	(1,139,237	)	$	143,274
Net income		—			—			—			33,257			—			—		—			33,257
Other comprehensive income		—			—			—			—			(354	)		—		—			(354	)
Stock-based compensation costs		—			—			1,766			—			—			—		—			1,766
Restricted stock issued, net of forfeitures		279,735			28			(28	)		—			—			—		—			—
Tax shortfall from restricted stock, net		—			—			(492	)		—			—			—		—			(492	)
Restricted stock returned for taxes		(70,117	)		(7	)		(2,129	)		—			—			—		—			(2,136	)
Repurchase of treasury shares		—			—			—			—			—			312,309		(9,970	)		(9,970	)
Dividends declared		—			—			—			(4,269	)		—			—		—			(4,269	)
Balance at March 31, 2013		61,906,424		$	6,191		$	446,566		$	852,000		$	5,526			44,127,288	$	(1,149,207	)	$	161,076

Cash Dividends

On February 19, 2013, our Board of Directors (“Board”) declared a cash dividend of $0.24 per share, which was paid on April 18, 2013 to stockholders of record on March 21, 2013. On April 30, 2013, our Board declared a cash dividend of $0.24 per share, which will be paid on July 2, 2013 to stockholders of record on June 6, 2013.

Stock Repurchase Program

During the three months ended March 31, 2013, we repurchased 312,309 shares of our common stock at an average price of $31.92 per share for an aggregate purchase price of approximately $10.0 million. As of March 31, 2013, $37.0 million remained available for us to repurchase shares of our common stock in the future, under our Board approved stock repurchase program dated October 27, 2009.

On April 30, 2013, our Board authorized a $100 million increase to our stock repurchase program, bringing the current outstanding share repurchase authorization available to approximately $137.0 million.

Our stock repurchase program does not have an expiration date, and the pace of our repurchase activity will depend on factors such as our working capital needs, our debt repayment obligations, the market price of our common stock and economic and market conditions. Our share repurchases may be effected from time to time through open market purchases, accelerated share repurchases or in privately negotiated transactions. Although there are no current plans to modify the implementation of our stock repurchase program, our Board may elect to accelerate, expand, suspend, delay or discontinue the program at any time.