9. SHAREHOLDERS’ EQUITY

Common Stock Dividends

We paid cash dividends of $1.05, $0.85, $2.10 and $1.70 per share of Common stock and Class B common stock during the quarters and six months ended June 30, 2017 and 2016, respectively.

Non-Vested Restricted Stock

During the quarters ended June 30, 2017 and 2016, we granted 55,500 and 24,500 shares of non-vested restricted stock, respectively. During the six months ended June 30, 2017 and 2016, we granted 155,899 and 112,178 shares of non-vested restricted stock, respectively.

During the quarter and six months ended June 30, 2017, 20,100 shares of Common stock with an aggregate fair market value of $2,771 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. During the quarter ended June 30, 2016, an aggregate of 20,195 shares of Common and Class B common stock with an aggregate fair market value of $2,603 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 six months ended June 30, 2016, an aggregate of 27,477 shares of Common and Class B common stock with an aggregate fair market value of $3,548 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, 2017 and 2016, 2,250 and 7,500 stock options, respectively, were exercised for Common stock. During the six months ended June 30, 2017 and 2016, 16,000 and 34,500 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 six months ended June 30, 2017 and 2016, was $208, $454, $1,310 and $2,258, respectively.

Employee Stock Purchase Plan

During the quarters ended June 30, 2017 and 2016, 2,306 and 2,203 shares of Common stock were issued under our employee stock purchase plan for which we received net proceeds of $317 and $287, respectively. During the six months ended June 30, 2017 and 2016, 4,259 and 4,831 shares of Common stock were issued under our employee stock purchase plan for which we received net proceeds of $602 and $584, respectively.

401(k) Plan

During the six months ended June 30, 2017 and 2016, we issued 16,389 and 20,045 shares of Common stock, respectively, to our profit sharing retirement plan, representing the Common stock discretionary matching contribution of $2,428 and $2,348, respectively.

Non-controlling Interest

Of our three joint ventures with Carrier, we have a 60% controlling interest in one and an 80% controlling interest in each of the other two, while Carrier has either a 40% or 20% 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, 2016	$	245,920
Net income attributable to non-controlling interest		24,678
Contribution for unconsolidated entity		12,720
Foreign currency translation adjustment		3,018
Decrease in non-controlling interest in Carrier Enterprise II		(17,463	)
Distributions to non-controlling interest		(6,799	)
Gain reclassified from accumulated other comprehensive loss into earnings		(344	)
Loss recorded in accumulated other comprehensive loss		(35	)

Non-controlling interest at June 30, 2017	$	261,695