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Stockholders' Equity
 9 Months Ended
Sep. 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 nine months ended September 30, 2014 (in thousands):

 

 

Issued

 

 

Treasury

 

 

Outstanding

 

 

Shares

 

 

Shares

 

 

Shares

 

Balance, as of December 31, 2013

 

43,641

 

 

 

(8,275

)

 

 

35,366

 

Conversion of preferred stock

 

65

 

 

 

—

 

 

 

65

 

Shares repurchased

 

—

 

 

 

(2,391

)

 

 

(2,391

)

Options exercised

 

1,788

 

 

 

—

 

 

 

1,788

 

Restricted stocks grants

 

950

 

 

 

—

 

 

 

950

 

Shares acquired through cashless exercise (1)

 

—

 

 

 

(1,489

)

 

 

(1,489

)

Shares cancelled

 

(1,489

)

 

 

1,489

 

 

 

—

 

Balance, as of September 30, 2014

 

44,955

 

 

 

(10,666

)

 

 

34,289

 

 

(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 nine months ended September 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. 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 nine months ended September 30, 2014, 8,000 and 9,975 shares of Series M and Series A Preferred Stock, respectively, were converted into an aggregate of 64,938 shares of UIH’s common stock.

During the nine months ended September 30, 2014, UIH repurchased an aggregate of 1,166,208 shares of its common stock in the open market in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, at a total cost of $15.0 million.

Dividends

On January 30, 2014, UIH 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, UIH 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.

On August 26, 2014, UIH declared a cash dividend of $0.10 per share on its outstanding common stock paid on October 1, 2014, to the shareholders of record at the close of business on September 23, 2014. The balance of restricted cash and cash equivalents at September 30, 2014 includes $3.4 million of cash representing amounts funded to the transfer agent for the payment of dividends on October 1, 2014.