Subsequent Events

3 Months Ended

Mar. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

15. SUBSEQUENT EVENTS

On April 15, 2014, we announced that our Board of Directors declared a quarterly cash dividend of $0.09 per common share to be paid to stockholders of record at the close of business on May 1, 2014. The payment date will be May 15, 2014. The quarterly dividend payment will be approximately $5.0 million. In July 2003, our Board of Directors elected to begin declaring quarterly dividends on our common stock considering the tax treatment of dividends and adequate levels of Company liquidity.

During the second quarter and as of May 7, 2014, we have repurchased 1.3 million shares of our common stock through open market purchases at an average cost of $22.63 per share. We currently have the authority to purchase an additional 1.8 million shares of our common stock under the current plan approved by the Board of Directors.