9.	Common Stock and Equity

Authorized Shares — On June 9, 2009, the Company’s Board of Directors approved a Restated Certificate of Incorporation to be effective upon the closing of the Company’s IPO. This Restated Certificate of Incorporation, among other things, increased the Company’s authorized common shares to 75,000,000 and authorized 5,000,000 shares of undesignated preferred stock.

Common Stock Reserved — As of December 31, 2012 and 2013, the Company has reserved the following number of shares of common stock for the exercise of stock options and restricted stock units (in thousands):

 

		Number of Shares as of
		December 31, 2012				December 31, 2013
Common stock options and restricted stock units			4,908				5,231
Total reserved			4,908				5,231

In February 2013, the Company’s board of directors approved a $25 million share repurchase program. On August 13, 2013, our board of directors approved a new $50 million share repurchase program, which replaced our previous $25 million share repurchase program. Share repurchases are made from time-to-time in the open market, in privately negotiated transactions or otherwise, in accordance with applicable securities laws and regulations. The timing and amount of any share repurchases are determined by the Company’s management based on its evaluation of market conditions, the trading price of the stock, regulatory requirements and other factors. The share repurchase program may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice.

 

During the year ended December 31, 2013, the Company repurchased 1,268,643 shares of its common stock at an average price of $24.06 per share at a cost of approximately $30.5 million, respectively. At December 31, 2013, approximately $35.9 million remained available under the Company’s current share repurchase program.