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Note 8 - Stockholders' Equity
 12 Months Ended
Dec. 31, 2014
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 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, 2014, we had purchased 1,499,776 shares under this program at an average price of $31.19 per share. As of December 31, 2014, 1,500,224 shares remained available for purchase pursuant to this program. 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, 2014, 2013 and 2012.


Year Ended December 31,

 

2014

   

2013

   

2012

 

Shares repurchased (1)

    226,729       127,900       848,092  

Total purchase price (in thousands)

  $ 15,990     $ 5,213     $ 20,698  

Average purchase price per share

  $ 70.52     $ 40.76     $ 24.41  

 

(1)

Includes only shares repurchased under repurchase plans. An additional 106,772, 59,721 and 80,687 shares were repurchased in association with tax withholdings on the exercise of stock options in 2014, 2013 and 2012, respectively.


Dividends


For the period January 1, 2012 through December 31, 2014, 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)

 

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  

2014

               

First quarter

  $ 0.13     $ 3,378  

Second quarter

    0.16       4,179  

Third quarter

    0.16       4,174  

Fourth quarter

    0.16       4,198  

 

(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,

 

2014

   

2013

   

2012

 

Affected Line Item

in the Consolidated

Statement of Operations

Loss on cash flow hedges

  $ (488 )   $ (740 )   $ (1,413 )

Floor plan interest expense

Income tax benefits

    187       283       541  

Income tax provision

Loss on cash flow hedges, net

  $ (301 )   $ (457 )   $ (872 )  

See Note 11 for more details regarding our derivative contracts.