Quarterly report pursuant to Section 13 or 15(d)

Equity Offering

v2.3.0.15
Equity Offering
9 Months Ended
Sep. 30, 2011
Equity Offering [Abstract]  
Equity Offering
13.

EQUITY OFFERING

On September 14, 2011, the Company entered into a continuous equity offering program ("Equity Program") with Wells Fargo Securities, LLC ("Wells Fargo"), pursuant to which the Company may sell from time to time up to $125 million in aggregate offering price of shares of the Company's common stock. Actual sales under the Equity Program will depend on a variety of factors and conditions, including, but not limited to, market conditions, the trading price of the Company's common stock, and determinations of the appropriate sources of funding for the Company. The Company expects to continue to offer, sell, and issue shares of common stock under the Equity Program from time to time based on various factors and conditions, although the Company is under no obligation to sell any shares under the Equity Program.

During the three months ended September 30, 2011, the Company issued 130,837 shares of common stock under the Equity Program at a weighted average issue price of $39.35 per share, generating net proceeds of $4.8 million after deducting $0.1 million of sales commissions payable to Wells Fargo. In addition to sales commissions paid to Wells Fargo, the Company incurred expenses of $0.2 million in connection with the Equity Program during the three months ended September 30, 2011. The Company used the proceeds from the Equity Program to reduce the outstanding balance under the Company's revolving line of credit. As of September 30, 2011, the Company had $119.9 million available for issuance under the Equity Program.