Quarterly report pursuant to Section 13 or 15(d)

Repurchase of Common Stock

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


On June 6, 2013, the Company announced that its Board of Directors has authorized the repurchase of up to $25 million of the Company’s common stock over the next 12 months. Under the share buyback program, shares of common stock are to be purchased on the open market or through privately negotiated transactions from time-to-time. The share buyback program does not obligate the Company to acquire any specific number of shares in any period, and may be modified, suspended, extended or discontinued at any time without prior notice. During the quarter ended September 30, 2013, the Company repurchased 1,531,770 shares at an average price of $6.10 per share totaling $9.3 million.

For the nine months ended September 30, 2013, the total number of shares repurchased by the Company under this program was 1,765,170 shares. The average price paid for all shares was $6.05 per share totaling $10.7 million.