Stockholders' Equity

3 Months Ended

Mar. 31, 2013

Stockholders' Equity

Stockholders' Equity

6. Stockholders’ Equity

In September 2012, our Board of Directors approved a $10 million increase to our discretionary stock repurchase program, which was originally adopted in October 2008 with an initial authorized maximum of $10 million. Under the program, shares may be repurchased from time to time at prevailing market prices, through open market or unsolicited negotiated transactions, depending on market conditions. We expect that the repurchase of our common stock under the program will be financed with existing working capital and amounts available under our existing credit facility. No limit was placed on the duration of the repurchase program. There is no guarantee as to the exact number of shares that we will repurchase. Subject to applicable securities laws, repurchases may be made at such times and in such amounts as our management deems appropriate. The program can also be discontinued at any time management feels additional purchases are not warranted.

During the three months ended March 31, 2013, we repurchased a total of 218,144 shares of our common stock under this program for a cost of $1.6 million. From the inception of the program in October 2008 through March 31, 2013, we have repurchased an aggregate total of 2,828,412 shares of our common stock for a total cost of $14.2 million. The repurchased shares are held as treasury stock. At March 31, 2013, we had $5.8 million available in stock repurchases under the program, subject to any limitations that may apply from time to time under our existing credit facility.