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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2015
Equity [Abstract] |
Stockholders' Equity | 7. Stockholders’ Equity Common Stock The following table summarizes the activity relating to shares of the Company’s common stock and contingently redeemable common stock during the six months ended June 30, 2015 (in thousands):
| Issued |  |  | Treasury |  |  | Outstanding |
| Shares |  |  | Shares |  |  | Shares |
Balance, as of December 31, 2014 |  | 44,769 |  |  |  | (9,667 | ) |  |  | 35,102 |
Conversion of preferred stock |  | — |  |  |  | — |  |  |  | — |
Shares repurchased |  | — |  |  |  | (200 | ) |  |  | (200 | )
Options exercised |  | 678 |  |  |  | — |  |  |  | 678 |
Restricted stock grants |  | 615 |  |  |  | — |  |  |  | 615 |
Shares acquired through cashless exercise (1) |  | — |  |  |  | (500 | ) |  |  | (500 | )
Shares cancelled |  | (500 | ) |  |  | 500 |  |  |  | — |
Balance, as of June 30, 2015 |  | 45,562 |  |  |  | (9,867 | ) |  |  | 35,695 |
(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 June 2015, UIH repurchased 200,000 shares of its common stock at market price from Ananke Catastrophe Investments Limited, an affiliate of Nephila Capital Ltd., in a privately negotiated transaction for a total cost of approximately $5.1 million. Preferred Stock In June 2015, UIH entered into an agreement to repurchase 2,000 shares of UIH Series M Convertible Preferred Stock owned by Bradley I. Meier, the Company’s former Chairman, President and Chief Executive Officer, at a total cost of approximately $257 thousand. The repurchase constituted all of the outstanding shares of Series M Convertible Preferred Stock and such shares were retired and cancelled. Dividends On January 13, 2015, UIH declared a cash dividend of $0.12 per share on its outstanding common stock paid on March 2, 2015, to the shareholders of record at the close of business on February 18, 2015. On April 13, 2015, UIH declared a cash dividend of $0.12 per share on its outstanding common stock paid on July 2, 2015, to the shareholders of record at the close of business on June 18, 2015. Contingently Redeemable Common Stock On December 2, 2014, UIH sold 1,000,000 registered shares of its common stock at a price of $19.00 per share, in a privately negotiated transaction, to Ananke Catastrophe Investments Ltd. (“Ananke”), an affiliate of Nephila Capital Ltd., which is subject to certain holding period restrictions. The shares sold to Ananke had been subject to a redemption option, conditioned on a covered loss index swap being triggered for payment. On February 19, 2015, the Company entered into an amended agreement with Ananke to delete, in its entirety effective December 2, 2014, the provision giving rise to the redemption. This modification results in classification of the common shares in permanent equity on the date of the amendment. No consideration was exchanged with the amendment since both parties agreed that, given the remote possibility of the redemption to occur, the value of the redemption feature was de-minimis. The effects of the amendment were recorded during the quarter ended March 31, 2015. The following table has been provided to illustrate pro-forma effect of the amendment had it been in place as of December 31, 2014.
|  | December 31, 2014 |
|  | As Reported |  |  | PRO-FORMA Adjustment Unaudited |  |  | PRO-FORMA Unaudited |
Total assets |  | $ | 911,774 |  |  |  | — |  |  | $ | 911,774 |
Total liabilities |  |  | 692,858 |  |  |  | — |  |  |  | 692,858 |
Contingently redeemable common stock |  |  | 19,000 |  |  |  | (19,000 | ) |  |  | — |
STOCKHOLDERS' EQUITY: |  |  |  |  |  |  |  |  |  |  |  |
Cumulative convertible preferred stock, $.01 par value |  |  | — |  |  |  | — |  |  |  | — |
Common stock, $.01 par value |  |  | 448 |  |  |  | — |  |  |  | 448 |
Treasury shares, at cost |  |  | (62,153 | ) |  |  | — |  |  |  | (62,153 | )
Additional paid-in capital |  |  | 40,987 |  |  |  | 19,000 |  |  |  | 59,987 |
Accumulated other comprehensive income (loss), net of taxes |  |  | (1,835 | ) |  |  | — |  |  |  | (1,835 | )
Retained earnings |  |  | 222,469 |  |  |  | — |  |  |  | 222,469 |
Total stockholders' equity |  |  | 199,916 |  |  |  | 19,000 |  |  |  | 218,916 |
Total liabilities, contingently redeemable common stock and stockholders' equity |  | $ | 911,774 |  |  |  | — |  |  | $ | 911,774 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C + Details
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