12.

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; and (c) 99,680 shares of Class B voting common stock, par value $0.001 per share. No Preferred Stock has been issued. 99,680 shares of Class B Stock have been issued and are outstanding.

The Class A Stock 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:


	2013			2012			2011
Class A Stock outstanding, beginning of year		13,508,318			13,572,265			13,268,522
Issued pursuant to shared-based compensation plans*		70,227			57,652			303,743
Repurchased and cancelled pursuant to the stock buy-back		(200,578	)		(121,599	)		—

Class A Stock outstanding, end of year		13,377,967			13,508,318			13,572,265

*	Share-based compensation plans are described in Note 16.

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 SEC 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 2013, the Company purchased and cancelled an aggregate of 200,578 shares of Class A Stock for total consideration of $3.6 million ($18.07 per share). 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.

Dividends

In 2013, the Company paid cash dividends of $0.44 per share to holders of Class A and Class B Stock as follows ($0.44 in 2012 and 2011):


Dividends Per Share	Record Date	Payment Date
$0.11	February 8, 2013	February 22, 2013
$0.11	May 10, 2013	May 24, 2013
$0.11	August 9, 2013	August 23, 2013
$0.11	November 8, 2013	November 22, 2013