Common Stock Repurchase Programs

9 Months Ended

Sep. 30, 2011

Common Stock Repurchase Programs

Common Stock Repurchase Programs

13. Common Stock Repurchase Programs

In February 2011, our board of directors authorized a $30 million repurchase of our outstanding common stock. In August 2011, our board of directors authorized an additional $30 million repurchase of our outstanding common stock. Under these publicly announced plans, we repurchased 1.5 and 2.5 million shares for an aggregate purchase price of $23.3 and $39.6 million during the three and nine months ended September 30, 2011, respectively.

Our employees have the option to surrender shares of common stock to satisfy their tax withholding obligations that arise on the vesting of RSUs and RSAs. Employees surrendered 0.1 and 0.4 million shares for an aggregate purchase price of $2.1 and $5.4 million for the three and nine months ended September 30, 2011, respectively, and 0.1 and 0.2 million shares for an aggregate purchase price of $0.7 and $2.3 million for the three and nine months ended September 30, 2010.

These repurchased shares are recorded as treasury stock and are accounted for under the cost method thereby reducing shares outstanding. None of these repurchased shares of common stock have been cancelled. Our buyback program is limited by SEC regulations and is subject to compliance with our insider trading policy.