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Stockholders' Equity
 9 Months Ended
Sep. 30, 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 during the nine months ended September 30, 2016 (in thousands):

 

 

Issued

 

 

Treasury

 

 

Outstanding

 

 

Shares

 

 

Shares

 

 

Shares

 

Balance, as of December 31, 2015

 

45,525

 

 

 

(10,415

)

 

 

35,110

 

Shares repurchased

 

—

 

 

 

(437

)

 

 

(437

)

Shares reissued

 

—

 

 

 

584

 

 

 

584

 

Options exercised

 

56

 

 

 

—

 

 

 

56

 

Shares acquired through cashless exercise (1)

 

—

 

 

 

(289

)

 

 

(289

)

Shares cancelled

 

(289

)

 

 

289

 

 

 

—

 

Balance, as of September 30, 2016

 

45,292

 

 

 

(10,268

)

 

 

35,024

 

 

(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. In June 2016, UVE completed the repurchase program and repurchased a total of 342,107 shares, at an aggregate price of $6.4 million, pursuant to such repurchase program.

 

In June 2016, 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 $20 million of its outstanding shares of common stock through December 31, 2017. UVE repurchased 95,000 shares, at an aggregate price of approximately $2.0 million, pursuant to such repurchase program through September 2016.

 

In April 2016, the Company sold 583,771 shares of UVE common stock in a private placement to RenaissanceRe Ventures Ltd. (“RenRe”) at a price of $17.13 per share for total consideration of $10 million, which was comprised of $2.965 million in cash and $7.035 million in cancellation of outstanding indebtedness.  See “—Note 6 (Long-Term Debt)” for details of the Company’s debt structure.  

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.

 

On April 13, 2016, UVE declared a cash dividend of $0.14 per share on its outstanding common stock paid on July 5, 2016, to the shareholders of record at the close of business on June 15, 2016.

 

On August 31, 2016, UVE declared a cash dividend of $0.14 per share on its outstanding common stock payable on October 24, 2016, to the shareholders of record at the close of business on September 12, 2016.