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Stockholders' Equity
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9 Months Ended |
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Sep. 30, 2013
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| Equity [Abstract] | |
| Stockholders' Equity | Stockholders' Equity On July 1, 2013, immediately prior to closing the Contribution Transactions, the Company filed the Fourth Articles of Amendment and Restatement with the Maryland Department of Assessments and Taxation in order to, among other things, rename its common stock as “Class A common stock”, with no change to the economic or voting rights of such stock and reclassify 50,000,000 authorized and unissued shares of its common stock as Class B common stock. Tiptree's authorized capital stock consists of 100,000,000 shares of preferred stock, $0.001 par value, 200,000,000 shares of Class A common stock, $0.001 par value, and 50,000,000 shares of Class B common stock, $0.001 par value. As of September 30, 2013 and December 31, 2012, no shares of preferred stock were issued and outstanding. As of September 30, 2013 and December 31, 2012 there were 10,260,379 and 10,226,250 shares of Class A common stock issued and outstanding, respectively. As of September 30, 2013 and December 31, 2012, there were 30,968,877 and 0 shares of Class B common stock issued and outstanding, respectively. All shares of our Class A common stock have equal rights as to earnings, assets, dividends and voting. Shares of Class B common stock have equal voting rights but no economic rights (including no right to receive dividends or other distributions upon liquidation, dissolution or otherwise). Distributions may be paid to holders of Class A common stock if, as and when duly authorized by our board of directors and declared out of assets legally available therefor. Pursuant to Operating Subsidiary's limited liability operating agreement, at any time after July 1, 2014, TFP will have the right to redeem common units of Operating Subsidiary for an equal number of shares of Class A common stock of Tiptree (and an equal number of shares of Class B common stock held by TFP will be canceled). Tiptree may instead, at is election, deliver a cash amount (or combination of cash and Class A common stock) based on the fair market value of the Class A common stock on the redemption date. On July 1, 2013, in conjunction with the Contribution Transaction, Operating Subsidiary issued warrants to TFP, to purchase an aggregate of 2,098,500 common shares at an exercise price of $8.48 per common share and another warrant to purchase 1,510,920 common shares at an exercise price of $5.36 per common share. TFP paid $4,328 and $6,846 respectively for these warrants. These warrants were issued by Operating Subsidiary and are not a component of stockholders' equity of the Company. For the nine months ended September 30, 2013, the Company declared and paid quarterly cash dividends of $0.135, $0.02 and $0.02 per common share totaling $1,803. |