SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2014
SHAREHOLDERS' EQUITY [Abstract]  
SHAREHOLDERS' EQUITY
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 shares repurchased for each of the three years ended December 31, 2014 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, 2014.

 

ADS     Ordinary shares     Price per ADS
(including brokerage
commission)		     Total
consideration		  
2012   5,955,796       23,823,184       0.89-1.38       7,396  
2013   3,538,100       14,152,399       1.27-1.99       6,638  
2014   2,816,938       11,267,755       1.97       5,550  
      12,310,834       49,243,338               19,584  

 

Out of the repurchased share in 2013 and 2014, 9,265,895 shares and 9,265,891 shares were retired. The related paid-in capital, additional paid-in capital and treasury stock were reversed in amount of $1, $4,562 and $4,563, respectively in 2013. The related paid-in capital, additional paid-in capital and treasury stock were reversed in amount of $1, $4,563 and $4,564, respectively in 2014.

 

In 2014, the Company issued 9,778,103 shares from treasury stock to the 2005 Share Incentive Plan.