NOTE K. STOCK REPURCHASE PROGRAM
In January 2011, our Board of Directors authorized a stock repurchase program to purchase up to $125,000,000 of our common stock through open market and privately negotiated transactions, at times and in such amounts as management deems appropriate. During the quarter, we repurchased 760,226 shares under this program at a weighted average cost of $41.11 per share and a total cost of approximately $31,250,000. There remains an aggregate of approximately $93,750,000 available for repurchases under this stock repurchase program.
The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, capital availability and other market conditions. This stock repurchase program does not have an expiration date and may be limited or terminated at any time without prior notice.