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Share Capital
 6 Months Ended
Jun. 30, 2012
Share Capital [Abstract]  
Share capital

8. 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:

 

                                 
   

Three months ended

June 30,

    

Six months ended

June 30,

  
    2012     2011     2012     2011  

Class A Stock outstanding, beginning of period

     13,489,162       13,535,063       13,572,265       13,268,522  

Issued pursuant to the share-based compensation plans

     —         33,882       16,797       300,423  

Repurchased and cancelled pursuant to the stock buy-back

     —         —         (99,900 )      —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Class A Stock outstanding, end of period

     13,489,162       13,568,945       13,489,162       13,568,945  
   

 

 

    

 

 

    

 

 

    

 

 

  

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 are being 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.

In the six months ended June 30, 2012, the Company purchased and cancelled 99,900 shares of Class A Stock for total consideration of $1.6 million ($15.52 per share).