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Stockholders' Equity
 3 Months Ended
Mar. 31, 2016
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 three months ended March 31, 2016 (in thousands):

 

 

Issued

 

 

Treasury

 

 

Outstanding

 

 

Shares

 

 

Shares

 

 

Shares

 

Balance, as of December 31, 2015

 

45,525

 

 

 

(10,415

)

 

 

35,110

 

Shares repurchased

 

—

 

 

 

(100

)

 

 

(100

)

Shares acquired through cashless exercise (1)

 

—

 

 

 

(210

)

 

 

(210

)

Shares cancelled

 

(210

)

 

 

210

 

 

 

—

 

Balance, as of March 31, 2016

 

45,315

 

 

 

(10,515

)

 

 

34,800

 

 

(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 November 2015, UVE announced that its Board of Directors authorized a share repurchase program under which UVE may repurchase in the open market in compliance with Exchange Act Rule 10b-18 up to $10 million of its outstanding shares of common stock through December 31, 2016. During the three months ended March 31, 2016, UVE repurchased 100,000 shares, at an aggregate price of $1.9 million, pursuant to such repurchase program.

Dividends

On January 14, 2016, UVE declared a cash dividend of $0.14 per share on its outstanding common stock paid on March 2, 2016, to the shareholders of record at the close of business on February 18, 2016.