Quarterly report pursuant to Section 13 or 15(d)

Common Stock Repurchases and Dividends

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Common Stock Repurchases and Dividends
9 Months Ended
Sep. 30, 2014
Stockholders' Equity Note [Abstract]  
Common Stock Repurchases and Dividends
Common Stock Repurchases and Dividends
Since October 2010, the Company’s Board of Directors has approved common stock repurchases of up to 3,500,000 shares. Shares may be purchased at prevailing market prices in the open market or in private transactions, subject to market conditions, share price, trading volume and other factors. The repurchase program has been funded to date using cash on hand. The Company did not repurchase any shares of its common stock during the nine months ended September 30, 2014 and 2013, respectively. As of September 30, 2014, the Company had 778,365 shares available for repurchase under the authorizations.
The Company did not declare or pay any dividends during the nine months ended September 30, 2014 and 2013, respectively.