XML 73 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 8 - Stockholders' Equity
 12 Months Ended
Dec. 31, 2012
Stockholders' Equity Note Disclosure [Text Block]
 (8)           Stockholders’ Equity

Class A and Class B Common Stock

The shares of Class A common stock are not convertible into any other series or class of our securities. Each share of Class B common stock, however, is freely convertible into one share of Class A common stock at the option of the holder of the Class B common stock. All shares of Class B common stock shall automatically convert to shares of Class A common stock (on a share-for-share basis, subject to adjustment) on the earliest record date for an annual meeting of our stockholders on which the number of shares of Class B common stock outstanding is less than 1% of the total number of shares of common stock outstanding. Shares of Class B common stock may not be transferred to third parties, except for transfers to certain family members and in other limited circumstances.

Holders of Class A common stock are entitled to one vote for each share held of record and holders of Class B common stock are entitled to ten votes for each share held of record. The Class A common stock and Class B common stock vote together as a single class on all matters submitted to a vote of stockholders.

Repurchases of Class A Common Stock

In June 2000, our Board of Directors authorized the repurchase of up to 1,000,000 shares of our Class A common stock. As of December 31, 2011, we had purchased all available shares under this program.

In August 2011, our Board of Directors authorized the repurchase of up to 2,000,000 shares of our Class A common stock and, on July 20, 2012, our Board of Directors authorized the repurchase of 1,000,000 additional shares of our Class A common stock. Through December 31, 2012, we had purchased 1,145,147 shares under these programs at an average price of $22.33 per share. As of December 31, 2012, 1,854,853 shares remained available for purchase pursuant to these programs. These plans do not have an expiration date and we may continue to repurchase shares from time to time as conditions warrant.

The following is a summary of our repurchases in the years ended December 31, 2012, 2011 and 2010.

   
Year Ended December 31,
 
   
2012
   
2011
   
2010
 
Shares repurchased (1)
    848,092       716,431       100,893  
Total purchase price (in thousands)
  $ 20,698     $ 12,389     $ 795  
Average purchase price per share
  $ 24.41     $ 17.29     $ 7.88  

(1)
Includes only shares repurchased under repurchase plans. An additional 80,687, 56,012 and 61,153 shares were repurchased in association with tax withholdings on the exercise of stock options in 2012, 2011 and 2010, respectively.

Dividends

For the period January 1, 2010 through December 31, 2012, we declared and paid dividends on our Class A and Class B Common Stock as follows:

 
 
 
Quarter declared
 
Dividend amount per Class A and Class B share
   
Total amount of dividend
(in thousands)
 
2010
           
First quarter
  $ -     $ -  
Second quarter
    0.05       1,300  
Third quarter
    0.05       1,307  
Fourth quarter
    0.05       1,312  
2011
               
First quarter
  $ 0.05     $ 1,316  
Second quarter
    0.07       1,851  
Third quarter
    0.07       1,838  
Fourth quarter
    0.07       1,817  
2012
               
First quarter
  $ 0.07     $ 1,815  
Second quarter
    0.10       2,583  
Third quarter
    0.10       2,545  
Fourth quarter
    0.20       5,123 (1)

(1)
In November 2012, we paid dividends of $2.5 million that had been declared in October 2012. An additional dividend payment of $2.6 million was declared and paid in December 2012 in lieu of the dividend typically declared and paid in March of the following year.