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Note 17 - Special Cash Dividends
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
Special Cash Dividends [Text Block ]
17.   Special Cash Dividend
 
On June 21, 2013, the Company used a portion of the proceeds from the May 31, 2013 debt refinancing (see Note 10, “Credit Agreements” to the consolidated financial statements) to pay a special cash dividend of $5.00 per share on its common stock, resulting in payments totaling $340,772 to stockholders on that date. Related dividends declared but unpaid as of December 31, 2015 are $76, which relate to dividends earned on unvested restricted stock awards, and are included in other accrued liabilities in the consolidated balance sheet. Payment of these dividends will be made when the underlying restricted stock awards vest. The balance of retained earnings as of the 2013 dividend declaration date was $4,934. As such, the dividends were first charged to retained earnings and dividends in excess of retained earnings were recorded as a reduction to additional paid-in capital.
 
In connection with the special dividend, and pursuant to the terms of the Company’s stock option plan, certain adjustments were made to stock options outstanding under the plan in order to avoid dilution of the intended benefits which would otherwise result as a consequence of the special dividend. As such, the strike price for all outstanding stock options at that time of the dividend was modified by the $5.00 special dividend amount. There was no change to compensation expense as a result of this adjustment.