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Stock Repurchase Program | 9 Months Ended
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Sep. 30, 2013
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Stock Repurchase Program |
17. | Stock Repurchase Program
On May 8, 2013, the Company announced that the Board of Directors had authorized a share repurchase program in an amount up to $50 million. Repurchases began on May 10, 2013 consisting primarily of open market transactions at prevailing market prices in accordance with the guidelines specified under Rule 10b-18 of the Securities Exchange Act of 1934, as amended. Repurchases are being made from cash on hand, cash generated from operations and additional borrowings. The timing of the transactions and the aggregate number of shares of common stock that will be ultimately repurchased under the repurchase program will depend on a variety of factors, including market conditions and the prices at which the securities are repurchased. The Company may discontinue repurchases without prior notice at any time if the Company determines additional repurchases are not warranted. During the fiscal quarter ended September 30, 2013, the Company made total repurchases in an amount equal to $12.6 million. The Company has not made any further purchases between September 30, 2013 and the date of this Form 10-Q. To date, the Company has made total repurchases in an amount equal to $39.5 million.

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