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Common Stock
9 Months Ended
Sep. 30, 2013
Common Stock

(14) Common Stock

In November 2006, the Company’s board of directors authorized a share repurchase program for the Company to repurchase up to 3 million shares of the Company’s Class B common stock as well as the initiation of a quarterly cash dividend for the holders of the Class A and Class B common stock. The Company’s board of directors has authorized increases to the share repurchase program for the Company to repurchase up to 13 million shares in the aggregate (less shares previously repurchased under the share repurchase program) of the Company’s Class B common stock. Under the share repurchase program, repurchases may take place in the open market and in privately negotiated transactions and at times and in such amounts as the Company deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, capital availability, and other market conditions. This stock repurchase program does not have an expiration date and may be expanded, limited or terminated at any time without prior notice.

During the nine months ended September 30, 2013, the Company repurchased 31,000 shares of Class B common stock for approximately $119,000 at an average stock price of $3.83 per share. The 31,000 shares have been recorded as treasury stock in the condensed consolidated balance sheet as of September 30, 2013.

During the nine months ended September 30, 2013, the Company’s board of directors approved the retirement of approximately 663,000 shares of treasury stock. The excess of purchase price over par value of $128,000 was recorded as a deduction to additional paid in capital on the condensed consolidated balance sheet.