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Stockholders' Equity
 3 Months Ended
Mar. 31, 2014
Equity [Abstract]  
Stockholders' Equity

7. Stockholders’ Equity

Common Stock

The following table summarizes the activity relating to shares of the Company’s common stock during the three months ended March 31, 2014 (in thousands):

 

     Issued
Shares		     Treasury
Shares		     Outstanding
Shares		  

Balance, as of December 31, 2013

      43,641        (8,275 )      35,366   
  

 

 

    

 

 

    

 

 

  

Conversion of preferred stock

      40        —          40   

Shares repurchased

      —          (1,225 )      (1,225 ) 

Options exercised

      1,725        —          1,725   

Shares acquired through cashless exercise (1)

      —          (1,130 )      (1,130 ) 

Shares cancelled

      (1,130 )      1,130        —     
  

 

 

    

 

 

    

 

 

  

Balance, as of March 31, 2014

      44,276        (9,500 )      34,776   
  

 

 

    

 

 

    

 

 

  

 

(1) All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of options exercised or restricted stock vested. These shares have been cancelled by the Company.

In January 2014, UIH entered into a repurchase agreement with Bradley I. Meier, the Company’s former Chairman, President and Chief Executive Officer, to repurchase 675 thousand shares of UIH’s common stock owned by Mr. Meier. The repurchase of 675 thousand of Mr. Meier’s shares occurred on January 2, 2014 for a repurchase price of $11.11 per share, representing a discount from the then-current market price of UIH’s common stock.

In February 2014, Mr. Meier converted 8,000 shares of Series M Preferred Stock, at a conversion ratio of 5:1, into 40,000 shares of UIH’s common stock.

In March 2014, UIH entered into a repurchase agreement with Mr. Meier to repurchase an additional 550 thousand shares of UIH’s common stock owned by him. The repurchase of 550 thousand of Mr. Meier’s shares occurred on March 25, 2014 for a repurchase price of $13.16 per share, representing a discount from the then-current market price of UIH’s common stock.

Dividends

On January 30, 2014, the Company declared a cash dividend of $0.10 per share on its outstanding common stock paid on March 3, 2014, to the shareholders of record at the close of business on February 19, 2014.