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Share Capital
 12 Months Ended
Dec. 31, 2011
Share Capital and Contributed Capital [Abstract]  
Share capital

9. Share capital

The Company’s authorized share capital consists of (a) 50,000,000 shares of Preferred Stock, par value $0.001 per share; (b) 50,000,000 shares of Class A non-voting common stock, par value $0.001 per share (“Class A Stock”); and (c) 99,680 shares of Class B voting common stock, par value $0.001 per share (“Class B Stock”). No Preferred Stock has been issued. 99,680 shares of Class B Stock have been issued and are outstanding.

The Class A and the Class B Stock are equal in all respects except that the Class A Stock is non-voting.

The following table reflects changes in the number of shares of Class A Stock outstanding for the periods indicated:

 

      September 30,       September 30,       September 30,  
    2011     2010     2009  
       

Class A Stock outstanding, beginning of year

     13,268,522       13,118,001       12,899,465  

Issued pursuant to share-based compensation plans

     303,743       150,521       268,536  

Repurchased and cancelled pursuant to the issuer bid

     —         —         (50,000 ) 
   

 

 

    

 

 

    

 

 

  
       

Class A Stock outstanding, end of year

     13,572,265       13,268,522       13,118,001  
   

 

 

    

 

 

    

 

 

  

Share-based compensation plans are described in note 13.

 

Stock buy-back

On October 7, 2011, the Company announced its intention to purchase up to 675,000 shares of its Class A Stock in compliance with the rules and regulations of the New York Stock Exchange and the Securities and Exchange Commission and the terms of its senior secured debt. The 675,000 shares represented approximately 5% of its then 13,572,265 issued and outstanding shares of Class A Stock. Any such purchases will be made by the Company in the open market at the prevailing open market price using cash on hand. All shares purchased will be cancelled. The repurchase program is expected to continue indefinitely. The repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of Class A Stock. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice. As of December 31, 2011, the Company did not buy back any stock under this program.

In 2010, the Company did not have a stock buy-back program in place.

In 2009, the Company purchased and cancelled 50,000 shares of Class A Stock for total consideration of $559,000 ($11.18 per share).

Dividends

In 2011, the Company paid cash dividends of $0.44 per share to holders of Class A and Class B Stock as follows ($0.44 in 2010 and 2009):

 

         

Dividends per share

  

Record Date

   Payment Date

$0.11

   February 11, 2011   February 25, 2011

$0.11

   May 13, 2011   May 27, 2011

$0.11

   August 12, 2011   August 26, 2011

$0.11

   November 11, 2011   November 25, 2011