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Shareholders' Equity
 6 Months Ended
Jun. 30, 2014
Shareholders' Equity  
Shareholders' Equity

4.              Shareholders’ Equity

 

Stock Repurchase Programs

 

In May 2014, our Board of Directors renewed our share repurchase program, replacing the remainder of the October 2008 share repurchase program and authorizing the purchase of up to $65.0 million in common stock.  The program does not require a minimum number of shares of common stock to be purchased, has no expiration date and may be suspended or discontinued at any time. As of June 30, 2014, we have $65.0 million available to repurchase shares under the share repurchase program.

 

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss

 

Our other comprehensive income (loss), consisting of foreign currency translation adjustments related to our subsidiaries that have a functional currency other than the U.S. dollar and cash flow hedges, was as follows (in thousands):

 

 

 

Foreign

 

 

 

 

 

 

 

Currency

 

 

 

 

 

 

 

Translation

 

Cash

 

 

 

 

 

Adjustments

 

Flow Hedges

 

Total

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2013

 

$

(29,319

)

$

—

 

$

(29,319

)

Other comprehensive income

 

8,891

 

—

 

8,891

 

Balance as of June 30, 2014

 

$

(20,428

)

$

—

 

$

(20,428

)

 

 

 

Foreign

 

 

 

 

 

 

 

Currency

 

 

 

 

 

 

 

Translation

 

Cash

 

 

 

 

 

Adjustments

 

Flow Hedges

 

Total

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2012

 

$

(16,130

)

$

112

 

$

(16,018

)

Other comprehensive loss

 

(9,096

)

(75

)

(9,171

)

Balance as of June 30, 2013

 

$

(25,226

)

$

37

 

$

(25,189

)

 

The foreign currency translation adjustment gains for the six months ended June 30, 2014 were primarily due to the strengthening of the Brazilian Real and the British Pound as compared to the U.S. dollar.  The foreign currency translation adjustment losses for the six months ended June 30, 2013 were primarily due to the strengthening of the U.S. dollar as compared to the Brazilian Real.