XML 42 R13.htm IDEA: XBRL DOCUMENT v3.2.0.727
SHAREHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2015
SHAREHOLDERS' EQUITY
7. SHAREHOLDERS’ EQUITY

Common Stock Dividends

We paid cash dividends of $0.70, $0.40, $1.40 and $0.80 per share of Common stock and Class B common stock during the quarters and six months ended June 30, 2015 and 2014, respectively.

Non-Vested Restricted Stock

During the quarters ended June 30, 2015 and 2014, we granted 19,000 and 20,000 shares of non-vested restricted stock, respectively. During the six months ended June 30, 2015 and 2014, we granted 171,979 and 203,025 shares of non-vested restricted stock, respectively.

 

During the quarter and six months ended June 30, 2015, 7,206 shares of Common stock with an aggregate fair market value of $889 were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of non-vested restricted stock. During the quarter and six months ended June 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 June 30, 2015 and 2014, 41,000 and 11,250 stock options, respectively, were exercised for a combination of Common stock and Class B common stock. During the six months ended June 30, 2015 and 2014, 66,200 and 23,500 stock options, respectively, were exercised for a combination of Common stock and Class B common stock. Cash received from common stock issued as a result of stock options exercised during the quarters and six months ended June 30, 2015 and 2014, was $1,579, $646, $2,682 and $1,329, respectively.

During the quarter ended June 30, 2015, 10,133 shares of Class B common stock with an aggregate fair market value of $1,288 were withheld as payment in lieu of cash for stock option exercises and related tax withholdings. During the six months ended June 30, 2015, 14,760 shares of Class B common stock with an aggregate fair market value of $1,837 were withheld 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 June 30, 2015 and 2014, 2,300 and 2,181 shares of Common stock were issued under our employee stock purchase plan for which we received net proceeds of $275 and $213, respectively. During the six months ended June 30, 2015 and 2014, 4,969 and 4,243 shares of Common stock were issued under our employee stock purchase plan for which we received net proceeds of $553 and $403, respectively.

401(k) Plan

During the six months ended June 30, 2015 and 2014, we issued 18,343 and 18,309 shares of Common stock, respectively, to our profit sharing retirement plan, representing the Common stock discretionary matching contribution of $1,963 and $1,759, respectively.

Non-controlling Interest

Of our three joint ventures with Carrier, we have an 80% controlling interest in one and a 60% controlling interest in each of the other two, while Carrier has either a 20% or 40% non-controlling interest in such joint ventures, as applicable. The following table reconciles shareholders’ equity attributable to Carrier’s non-controlling interest:

 

Non-controlling interest at December 31, 2014

    $ 248,079   

Net income attributable to non-controlling interest

      27,070   

Distributions to non-controlling interest

      (3,654 ) 

Foreign currency translation adjustment

      (6,838 ) 

Gain recorded in accumulated other comprehensive loss

      554   

Gain reclassified from accumulated other comprehensive loss into earnings

      (454 ) 
  

 

 

  

Non-controlling interest at June 30, 2015

    $ 264,757