8. Stock Repurchase Programs

Under a resolution adopted in November 2011, the Board of Directors authorized the repurchase, at management’s discretion, of up to an aggregate of $125.0 million of the Company’s common stock. The resolution also authorized the use of option exercise proceeds for the repurchase of the Company’s common stock. During the three months ended December 31, 2013 and 2012, the Company repurchased 505,738 and 499,098 common shares at a cost of $22.5 million and $14.6 million, respectively. The amount available for future repurchases was $74.9 million at December 31, 2013.

The Company has acquired an additional 231,100 common shares at a cost of $9.9 million between January 1, 2014 and February 7, 2014.