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Stockholders' Equity
9 Months Ended
Sep. 30, 2011
Stockholders' Equity 
Stockholders' Equity

Note 13. Stockholders’ Equity

 

Treasury Stock

 

During 2008, our Board of Directors authorized stock repurchase programs for the repurchase of up to $90.0 million of our common stock. All repurchased shares were recorded as treasury stock and were accounted for under the cost method. No repurchased shares have been retired. The timing, price and volume of the repurchases have been based on market conditions, relevant securities laws and other factors. The stock repurchase program does not obligate us to repurchase any specific number of shares, and we may terminate or suspend the repurchase program at any time.

 

During the three months ended September 30, 2011 we repurchased 182,784 shares at an average cost of $14.01 per share, including commissions, through the stock repurchase program.  During the nine months ended September 30, 2011 we repurchased 741,959 shares at an average cost of $14.23 per share, including commissions, through the stock repurchase program.   We repurchased none in both the three months and nine months ended September 30, 2010.

 

From the inception of the program in February 2008 through September 30, 2011, we repurchased a total of 4,808,255 shares at an average cost of $15.73 per share through open market purchases. As of September 30, 2011 we had $14.4 million of remaining authorized funds to repurchase additional shares under the stock repurchase programs.