Annual report pursuant to Section 13 and 15(d)

Equity Structure And Transactions

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Equity Structure And Transactions
 12 Months Ended
Dec. 31, 2011
Equity Structure And Transactions [Abstract]  
Equity Structure And Transactions

9. Equity Structure and Transactions

As of December 31, 2011 and 2010, the Company was authorized to issue two million shares of preferred stock with a par value of $0.00001 per share; however, no preferred shares have been issued or were outstanding as of the respective dates.

 

In March 2009, we announced a $25.0 million stock repurchase program, which expired on December 31, 2009. In 2009, we purchased 2,869,173 shares of our common stock for approximately $24.2 million in the open market in accordance with the repurchase program. Repurchases were funded with cash on hand.

During the years 2011, 2010 and 2009, we paid regular cash dividends of $0.16, $0.14 and $0.12 per common share per year, respectively. In December, 2011, we paid a special dividend of $0.63 per share or $46.9 million. In December, 2010, we paid a special dividend of $0.66 per share or $49.2 million. No special dividend was paid in 2009. On February 23, 2012, our board of directors declared a cash dividend of $0.08 per common share, payable on March 30, 2012 to shareholders of record on March 14, 2012.