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Shareholders' Equity
9 Months Ended
Sep. 30, 2011
Shareholders' Equity [Abstract] 
Shareholders' Equity
8. SHAREHOLDERS' EQUITY

Dividends Declared

Cash dividends of $0.57 per share, $0.52 per share, $1.66 per share and $1.52 per share of Common and Class B common stock were paid during the quarters and nine months ended September 30, 2011 and 2010, respectively. On October 3, 2011, the Board of Directors declared a regular quarterly cash dividend of $0.57 per share of Common and Class B common stock that was paid on October 31, 2011 to shareholders of record as of October 14, 2011. On October 19, 2011, the Board of Directors approved an increase in the quarterly cash dividend to $0.62 per share from $0.57 per share. The increase will be reflected in our next regular dividend payment in January 2012.

Non-Vested (Restricted) Stock

During the quarter ended September 30, 2011, we granted 15,000 shares of non-vested (restricted) stock. No shares of non-vested (restricted) stock were granted during the quarter ended September 30, 2010. During the nine months ended September 30, 2011 and 2010, we granted 429,602 and 135,000 shares of non-vested (restricted) stock, respectively. During the quarter ended September 30, 2010, 14,567 shares of Common stock with an aggregate fair market value of $862 were delivered as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of non-vested (restricted) stock. During the nine months ended September 30, 2011 and 2010, 2,527 shares of Common stock with an aggregate fair market value of $180 and 19,678 shares of Common stock with an aggregate fair market value of $1,155, respectively, were delivered as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of non-vested (restricted) stock. These shares were retired upon delivery.

Stock Options

During the quarters ended September 30, 2011 and 2010, 3,450 and 7,250, respectively, of stock options were exercised for Common stock. During the nine months ended September 30, 2011 and 2010, 75,750 and 182,100, respectively, of stock options were exercised for Common and Class B common stock. Cash received from Common and Class B common stock issued as a result of stock options exercised during the quarters and nine months ended September 30, 2011 and 2010, was $80, $355, $2,715 and $3,163, respectively. During the nine months ended September 30, 2010, 48,938 shares of Class B common stock with an aggregate fair market value of $2,814 were delivered as payment in lieu of cash for stock option exercises and related tax withholdings. These shares were retired upon delivery.

Employee Stock Purchase Plan

During the quarters ended September 30, 2011 and 2010, 2,739 and 3,192 shares of Common stock were issued under our employee stock purchase plan, respectively, for which we received net proceeds of $168 and $175, respectively. During the nine months ended September 30, 2011 and 2010, 10,131 and 11,310 shares of Common stock were issued under our employee stock purchase plan, respectively, for which we received net proceeds of $641 and $591, respectively.

401(k) Plans

During the nine months ended September 30, 2011 and 2010, 27,240 and 9,975 shares of Common stock were issued to our profit sharing retirement plans, respectively, representing the discretionary matching contribution of $1,718 and $489, respectively.

Noncontrolling Interest

We have a 60% controlling interest in both Carrier Enterprise and Carrier Enterprise Northeast, and Carrier has a 40% noncontrolling interest. The following table reconciles shareholders' equity attributable to the noncontrolling interest:

 

Noncontrolling interest at December 31, 2010

    $ 164,435   

Return of capital contribution to noncontrolling interest

      (32,000 ) 

Distributions to noncontrolling interest

      (6,159 ) 

Net income attributable to noncontrolling interest

      38,142   

Share of carrying value of our locations contributed to Carrier Enterprise Northeast

      7,708   

Fair value of noncontrolling interest in Carrier Enterprise Northeast and Carrier Enterprise Mexico

      34,919   
  

 

 

  

Noncontrolling interest at September 30, 2011

    $ 207,045