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Note 8 - Stockholders' Equity
 12 Months Ended
Dec. 31, 2013
Stockholders' Equity Note [Abstract]  
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 shareholders.


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, of which 419,376 shares were repurchased in 2011.


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, 2013, we had purchased 1,273,047 shares under these programs at an average price of $24.18 per share. As of December 31, 2013, 1,726,953 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, 2013, 2012 and 2011.


   

Year Ended December 31,

 
   

2013

   

2012

   

2011

 

Shares repurchased (1)

    127,900       848,092       716,431  

Total purchase price (in thousands)

  $ 5,213     $ 20,698     $ 12,389  

Average purchase price per share

  $ 40.76     $ 24.41     $ 17.29  

(1)

Includes only shares repurchased under repurchase plans. An additional 59,721, 80,687 and 56,012 shares were repurchased in association with tax withholdings on the exercise of stock options in 2013, 2012 and 2011, respectively.


Dividends


For the period January 1, 2011 through December 31, 2013, 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)

 

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(1)

    0.20       5,123  

2013

               

First quarter

  $ -     $ -  

Second quarter

    0.13       3,356  

Third quarter

    0.13       3,363  

Fourth quarter

    0.13       3,366  

(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.


Reclassification From Accumulated Other Comprehensive Loss


The reclassification from accumulated other comprehensive loss was as follows (in thousands):


   

Year Ended December 31,

 

Affected Line Item

in the Consolidated

   

2013

   

2012

   

2011

 

Statement of Operations

Loss on cash flow hedges

  $ (740 )   $ (1,413 )   $ (1,899 )

Floor plan interest expense

Income tax benefits

    283       541       727  

Income tax provision

Loss on cash flow hedges, net

  $ (457 )   $ (872 )   $ (1,172 )  

See Note 11 for more details regarding our derivative contracts.