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Stockholders' Equity
 6 Months Ended
Jun. 30, 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 six months ended June 30, 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

      65        —          65   

Shares repurchased

      —          (1,672 )      (1,672 ) 

Options exercised

      1,725        —          1,725   

Restricted stocks grants

      950        —          950   

Shares acquired through cashless exercise (1)

      —          (1,446 )      (1,446 ) 

Shares cancelled

      (1,446 )      1,446        —     
  

 

 

    

 

 

    

 

 

  

Balance, as of June 30, 2014

      44,935        (9,947 )      34,988   
  

 

 

    

 

 

    

 

 

  

 

(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.

During the six months ended June 30, 2014, UIH entered into various repurchase agreements with Bradley I. Meier, the Company’s former Chairman, President and Chief Executive Officer, to repurchase shares of UIH’s common stock owned by Mr. Meier. UIH repurchased an aggregate of 1,225,000 shares from Mr. Meier since January 2014 at a total cost of $14.7 million. As a result of these transactions, Mr. Meier now owns less than 5 percent of UIH’s outstanding common stock and according to the terms of the right of first refusal of each of UIH and RenRe Ventures, UIH and RenRe Ventures no longer have a right of first refusal to purchase shares of UIH common stock owned by Mr. Meier.

During the six months ended June 30, 2014, 8,000 and 9,975 shares of Series M and Series A Preferred Stock, respectively, were converted into 64,938 shares of UIH’s common stock.

During the six months ended June 30, 2014, UIH repurchased an aggregate of 446,271 shares of its common stock at a total cost of $5.5 million in the open market in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (“Rule 10b-18”).

In June 2014, UIH announced that its Board of Directors authorized a share repurchase program under which UIH may repurchase in the open market in compliance with Rule 10b-18 up to $10 million of its outstanding shares of common stock through August 1, 2015. UIH repurchased 38,424 shares through such repurchase program through June 30, 2014.

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.

On April 16, 2014, the Company declared a cash dividend of $0.10 per share on its outstanding common stock paid on July 3, 2014, to the shareholders of record at the close of business on June 19, 2014.