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Share capital
 12 Months Ended
Dec. 31, 2012
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:

 

     2012     2011      2010  

Class A Stock outstanding, beginning of year

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

Issued pursuant to share-based compensation plans*

      57,652        303,743         150,521   

Repurchased and cancelled pursuant to the issuer bid

      (121,599 )      —           —     
  

 

 

    

 

 

     

 

 

  

Class A Stock outstanding, end of year

      13,508,318        13,572,265         13,268,522   
  

 

 

    

 

 

     

 

 

  

 

* Share-based compensation plans are described in note 12.

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.

In 2012, the Company purchased and cancelled an aggregate of 121,599 shares of Class A Stock for total consideration of $1.9 million ($15.35 per share). The Company did not buy back any stock under this program in 2011.

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

Dividends

In 2012, the Company paid cash dividends of $0.44 per share to holders of Class A and Class B Stock as follows ($0.44 in 2011 and 2010):

 

Dividends per share

    Record Date    Payment Date

$0.11

    February 10, 2012    February 24, 2012

$0.11

    May 11, 2012    May 25, 2012

$0.11

    August 10, 2012    August 24, 2012

$0.11

    November 9, 2012    November 23, 2012