XML 74 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8
Shareholders' Equity
9 Months Ended
Sep. 30, 2014
Equity [Abstract]  
Shareholders' Equity

NOTE 15· Shareholders’ Equity

On July 21, 2014, the Company’s Board of Directors authorized the repurchase of up to $200 million of its shares of common stock. This is in addition to the $25.0 million that was authorized in the first quarter and executed in the second quarter of 2014. On September 2, 2014, the Company entered into an accelerated share repurchase agreement (“ASR”) with an investment bank to repurchase an aggregate $50.0 million of the Company’s common stock. As part of the ASR, the Company received an initial delivery of 1,293,760 shares of the Company’s common stock with a fair market value of approximately $42.5 million, which is included in treasury stock in the accompanying Consolidated Balance Sheet as of September 30, 2014. The initial delivery of 1,293,760 shares reduced the outstanding shares used to determine the Company’s weighted average shares outstanding for purposes of calculating basic and diluted earnings per share. The remaining $7.5 million of the aggregate repurchase amount was included in additional paid-in capital in the accompanying Consolidated Balance Sheet as of September 30, 2014. The total number of shares repurchased under the ASR of 1,539,760 was determined upon settlement on October 8, 2014 and was based on the Company’s volume weighted average price per its common share over the ASR period less a discount.