XML 43 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2014
SHAREHOLDERS' EQUITY

8. SHAREHOLDERS’ EQUITY

Common Stock Dividends

We paid cash dividends of $0.60, $0.25, $1.40 and $0.75 per share of Common stock and Class B common stock during the quarters and nine months ended September 30, 2014 and 2013, respectively.

Non-Vested (Restricted) Stock

During the quarters ended September 30, 2014 and 2013, we granted 10,700 and 31,500 shares of non-vested (restricted) stock, respectively. During the nine months ended September 30, 2014 and 2013, we granted 213,725 and 119,043 shares of non-vested (restricted) stock, respectively.

During the nine months ended September 30, 2014, 21,028 shares of Common stock with an aggregate fair market value of $2,125 were withheld 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.

 

Exercise of Stock Options

During the quarters ended September 30, 2014 and 2013, 17,850 and 34,700 stock options, respectively, were exercised for common stock. During the nine months ended September 30, 2014 and 2013, 41,350 and 44,200 stock options, respectively, were exercised for common stock. Cash received from common stock issued as a result of stock options exercised during the quarters and nine months ended September 30, 2014 and 2013, was $613, $1,162, $1,942 and $1,539, respectively.

During both the quarter and nine months ended September 30, 2014, 5,454 shares of Class B Common stock with an aggregate fair market value of $490 were withheld as payment in lieu of cash for stock option exercises and related tax withholdings. During both the quarter and nine months ended September 30, 2013, 5,448 shares of Class B Common stock with an aggregate fair market value of $490 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, 2014 and 2013, 2,741 and 1,944 shares of Common stock were issued under our employee stock purchase plan for which we received net proceeds of $259 and $160, respectively. During the nine months ended September 30, 2014 and 2013, 6,984 and 5,870 shares of Common stock were issued under our employee stock purchase plan for which we received net proceeds of $662 and $459, respectively.

401(k) Plan

During the nine months ended September 30, 2014 and 2013, we issued 18,309 and 22,551 shares of Common stock, respectively, to our profit sharing retirement plan, representing the Common stock discretionary matching contribution of $1,759 and $1,689, respectively.

Noncontrolling Interest

Effective July 1, 2014, our controlling interest in Carrier Enterprise I increased to 80% from 70%, following our exercise of the option described in Note 6. We have a 60% controlling interest in our other two joint ventures with Carrier, while Carrier has a 40% noncontrolling interest in each. The following table reconciles shareholders’ equity attributable to Carrier’s noncontrolling interest:

 

Noncontrolling interest at December 31, 2013

    $  286,996   

Decrease in noncontrolling interest in Carrier Enterprise I

      (44,411 ) 

Distributions to noncontrolling interest

      (25,817 ) 

Foreign currency translation adjustment

      (5,254 ) 

Net income attributable to noncontrolling interest

      46,604   
  

 

 

  

Noncontrolling interest at September 30, 2014

    $ 258,118