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Stock Repurchase Plan
6 Months Ended
Jun. 30, 2013
Text Block [Abstract]  
Stock Repurchase Plan

8. Stock Repurchase Plan

As of December 31, 2011, the Company’s Board of Directors had approved a stock repurchase program authorizing the Company, from time to time as market and business conditions warrant, to acquire up to $210 million of its common stock. In February 2012, the Company’s Board of Directors approved an increase of $52.1 million to their current stock repurchase authorization, bringing the total authorization to $262.1 million.

On September 13, 2012, the Company’s Board of Directors approved the repurchase of up to 2,500,000 shares of the Company’s common stock, or up to $113.0 million in place of the remaining repurchase amounts previously authorized.

The Company repurchased 357,944 shares for $16.0 million under the program during the six months ended June 30, 2013. Under the program to date, the Company has purchased 9,877,816 shares for approximately $260.9 million. The maximum remaining authorized for purchase under the stock repurchase program was approximately 1.4 million shares or $67.3 million as of June 30, 2013.

Subsequent to June 30, 2013, the Company’s Board of Directors approved an additional $100 million for the stock repurchase program.