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Stockholders' Equity
 3 Months Ended
Mar. 31, 2014
Equity [Abstract]  
Stockholders' Equity

Note 11 — Stockholders’ Equity

Common Stock

Effective March 18, 2014, the Company’s Board of Directors authorized a plan to repurchase up to $40,000 of the Company’s common shares before commissions and fees. The repurchase plan allows the Company to repurchase shares from time to time through March 31, 2015. The shares may be purchased for cash in open market purchases, block transactions and privately negotiated transactions in accordance with applicable federal securities laws. The share repurchase plan may be modified, suspended, terminated or extended by the Company any time without prior notice. During the three months ended March 31, 2014, the Company repurchased and retired a total of 210,836 shares at a weighted average price of $37.00 per share and a total cost, inclusive of fees and commissions, of $7,805, or $37.02 per share, under this authorized repurchase program. The total cost of shares repurchased during the quarter ended March 31, 2014 was $7,805 of which $6,987 was settled in March 2014. The remaining balance of $818 included in other liabilities at March 31, 2014 and was settled on April 1, 2014. At March 31, 2014, a total of $32,200 is available in connection with this plan.

 

On January 23, 2014, the Company’s Board of Directors declared a quarterly dividend of $0.275 per common share. The dividends of $3,193 were paid on March 21, 2014 to stockholders of record on February 21, 2014. On March 17, 2014, the Company’s Board of Directors declared a quarterly dividend of $0.275 per common share. The dividends are payable on June 20, 2014 to stockholders of record on May 16, 2014.

Preferred Stock

On February 4, 2014, the Company announced its Board of Directors fixed April 1, 2014 as the cancellation date for the conversion rights on its 7% Series A cumulative convertible preferred stock (“Series A Preferred”). During the three months ended March 31, 2014, holders of 100,478 shares of Series A Preferred converted their Series A Preferred shares to 100,478 shares of common stock. As of March 31, 2014, 10,206 shares of Series A Preferred remained outstanding. The Company extended the conversion privilege in April 2014 and, as of April 23, 2014, 3,386 Series A Preferred remained outstanding.