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Shareholders Equity
 6 Months Ended
Jun. 30, 2011
Shareholders Equity [Abstract]  
SHAREHOLDERS EQUITY
(5) SHAREHOLDERS’ EQUITY
In May 2010, we announced a share repurchase program to repurchase up to $10.0 million of our outstanding common shares pursuant to Rule 10b-18 of the Securities Act. In January 2011, our Board of Directors modified this plan to provide for the repurchase of $10.0 million of our outstanding common shares, in addition to the amount repurchased in 2010. In the first six months of 2011, we repurchased 285,226 shares for $1.6 million.
During 2011, options to purchase 407,544 shares of common stock were exercised, of which 60,694 shares were used in settlement of the exercise price. The exercise of these options created a tax deduction of approximately $1.4 million. Of this amount, approximately $1.0 million was previously recognized for book purposes, resulting in a deferred tax asset of approximately $0.4 million at December 31, 2010. Upon exercise, the associated deferred tax asset was used to offset current income taxes payable. The incremental excess tax benefit was also used to offset the estimated tax liability arising from the results of operations for the three and six months ended June 30, 2011, with a corresponding increase in common stock. As of June 30, 2011, we had approximately $60.3 million of unrecognized federal net operating loss carryforwards created by the exercise of nonqualified options. These benefits will be recognized in the period in which they are able to reduce current taxes payable.