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## Cash Flows 

The following table summarizes cash flows for the years ended December 31, 2013, 2012 and 2011 (in thousands): 

<img src='content_image/214264.jpg'>

The increase in cash flow from operating activities in 2013 compared to 2012 was primarily due to an increase in net income and a decrease to income tax receivables, while the increase in 2012 compared to 2011 was attributable to increased net income. 

Cash flow used in investing activities increased $9.2 million in 2013 over 2012 primarily due to an increase in capital expenditures and an increase in the premiums on life insurance policies and decreased $18.0 million in 2012 over 2011 as a result of an acquisition in 2011. 

Cash flow used in financing activities in 2013 increased $35.8 million compared to 2012. Cash flow used in financing activities in 2012 decreased $43.4 million compared to 2011. During 2013, we spent $227.2 million to repurchase our common shares and $58.6 million to pay dividends, offset by a net increase in our debt balance of $33.0 million. During 2012, we spent $175.7 million to repurchase our common shares and $52.9 million to pay dividends, offset by a net increase in our debt balance of $11.0 million. During 2011, we spent $61.8 million to repurchase our common shares, $46.0 million to pay dividends and $219.4 million to settle our warrants, offset by a net increase of $73.0 million in the balance of our Credit Facility. 

During the year ended December 31, 2013, we repurchased 1,482,198 shares of our common stock for an aggregate amount of $227.2 million, or an average price of $153.30 per share. The repurchase of shares in the open market is at the discretion of manage- ment pursuant to shareholder authorization. We regard these treasury shares as a temporary investment which may be used to fund restricted shares that vest or to finance future acquisitions. Under Dutch law and subject to certain Dutch statutory provisions and shareholder approval, we can hold a maximum of 50% of our issued shares in treasury. We currently have shareholder approval to hold 10% of our issued share capital in treasury. On May 16, 2013 at our annual shareholders meeting, our shareholders authorized the extension of our share repurchase program until November 16, 2014 to purchase up to 10% of our issued share capital which may be used for any legal purpose. We believe this share repurchase program has been beneficial to our shareholders. Our share price has increased from $4.03 per share in 2002, when we began to repurchase shares, to $190.95 per share on December 31, 2013, an increase of over 4,638%. 

## Credit Facility and Available Future Liquidity 

In 2011, we issued two series of Senior Notes with an aggregate principal amount of $150 million in a private placement transaction. Series A consists of $75 million in aggregate principal amount of notes that bear interest at a fixed rate of 4.01% and are due in full on September 30, 2021. Series B consists of $75 million in aggregate principal amount of notes that bear interest at a fixed rate of 4.11% and are due in full on September 30, 2023. Interest on each series of the Senior Notes is payable semi-annually on March 30 and September 30. 

We maintain a revolving Credit Facility with an aggregate borrowing capacity of $300 million at December 31, 2013. The Credit Facility provides an option to increase the commitment under the Credit Facility to $350 million, if certain conditions are met. The Credit Facility bears interest at variable rates from LIBOR plus 1.5% to a maximum of LIBOR plus 2.25%. Any outstanding balance under the Credit Facility is due on September 28, 2016 when the Credit Facility matures. Interest payment terms are variable depending upon the specific type of borrowing under this facility. Our available capacity at any point in time is reduced by borrowings outstanding at the time and outstanding letters of credit which totaled $19.1 million at December 31, 2013, resulting in an available borrowing capacity under the Credit Facility of $163.9 million. In addition to those items under the Credit Facility, we had $22.3 million of outstanding letters of credit and performance guarantees and bonds from other sources at December 31, 2013. 

