13.

SHAREHOLDERS' EQUITY

Ordinary shares

The Company's Amended and Restated Memorandum and Articles of Association authorize the Company to issue 500,000,000 shares with a nominal or par value of $0.0001 each.

Share repurchase program

On October 12, 2008, the Company announced a share repurchase program authorized by the Board of Directors with total share repurchase amounts up to $25,000.

The share repurchase for each of the three years ended December 31, 2011 is summarized in the table below. The shares repurchased by the Company were accounted for at cost and there was no reissuance of the shares as of December 31, 2011.

 

		ADS				Ordinary shares				Price per ADS (including  brokerage commission)		Total consideration
2009			286,000				1,144,000			3.06 - 3.73			1,014
2010			322,200				1,288,800			3.40 - 3.81			1,172
2011			1,825,800				7,303,200			1.31 - 3.75			2,654
			2,434,000				9,736,000						4,840