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SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2015
SHAREHOLDERS' EQUITY
8. SHAREHOLDERS’ EQUITY

Common Stock Dividends

We paid cash dividends of $0.70, $0.60, $2.10 and $1.40 per share of Common stock and Class B common stock during the quarters and nine months ended September 30, 2015 and 2014, respectively.

 

Non-Vested Restricted Stock

During the quarters ended September 30, 2015 and 2014, we granted 17,500 and 10,700 shares of non-vested restricted stock, respectively. During the nine months ended September 30, 2015 and 2014, we granted 189,479 and 213,725 shares of non-vested restricted stock, respectively.

During the nine months ended September 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 restricted stock. 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 restricted stock. These shares were retired upon delivery.

Exercise of Stock Options

During the quarters ended September 30, 2015 and 2014, 14,250 and 17,850 stock options, respectively, were exercised for a combination of Common stock and Class B common stock. During the nine months ended September 30, 2015 and 2014, 80,450 and 41,350 stock options, respectively, were exercised for a combination of Common stock and Class B common stock. Cash received from the exercise of stock options during the quarters and nine months ended September 30, 2015 and 2014, was $999, $613, $3,681 and $1,942, respectively.

During the nine months ended September 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. 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. These shares were retired upon delivery.

Employee Stock Purchase Plan

During the quarters ended September 30, 2015 and 2014, 2,433 and 2,741 shares of Common stock were issued under our employee stock purchase plan for which we received net proceeds of $294 and $259, respectively. During the nine months ended September 30, 2015 and 2014, 7,402 and 6,984 shares of Common stock were issued under our employee stock purchase plan for which we received net proceeds of $847 and $662, respectively.

401(k) Plan

During the nine months ended September 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

      43,746   

Distributions to non-controlling interest

      (13,266 ) 

Foreign currency translation adjustment

      (12,732 ) 

Gain recorded in accumulated other comprehensive loss

      933   

Gain reclassified from accumulated other comprehensive loss into earnings

      (557 ) 
  

 

 

  

Non-controlling interest at September 30, 2015

    $ 266,203