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Stock Repurchase Plan
9 Months Ended
Sep. 30, 2012
Stock Repurchase Plan

9. 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. Under the program to date, the Company has purchased 9,519,872 shares for approximately $244.9 million. The Company repurchased 1,437,692 shares for $57.8 million during the nine months ended September 30, 2012.

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. On September 21, 2012, the Company entered into an agreement to repurchase 2,492,600 common stock warrants from IBM for $29.6 million, which was funded under the stock repurchase plan. See Note 16, “International Business Machines Corporation Alliance Agreement”, for further discussion on the common stock warrants.

 

The maximum remaining authorized for purchase under the stock repurchase program was approximately 1.8 million shares or $76.3 million as of September 30, 2012.