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Stockholders' Equity
 3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Stockholders' Equity

8. Stockholders’ Equity

Common Stock

The following table summarizes the activity relating to shares of the Company’s common stock during the three months ended March 31, 2017 (in thousands):

 

 

Issued

 

 

Treasury

 

 

Outstanding

 

 

Shares

 

 

Shares

 

 

Shares

 

Balance, as of December 31, 2016

 

45,324

 

 

 

(10,272

)

 

 

35,052

 

Shares repurchased

 

—

 

 

 

(100

)

 

 

(100

)

Vesting of performance share units

 

115

 

 

 

—

 

 

 

115

 

Stock option exercises

 

65

 

 

 

—

 

 

 

65

 

Shares acquired through cashless exercise (1)

 

—

 

 

 

(59

)

 

 

(59

)

Shares cancelled

 

(59

)

 

 

59

 

 

 

—

 

Balance, as of March 31, 2017

 

45,445

 

 

 

(10,372

)

 

 

35,073

 

 

(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 performance share units vested. These shares have been cancelled by the Company.

 

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. During the three months ended March 31, 2017, UVE repurchased 100,079 shares, at an aggregate price of approximately $2.5 million, pursuant to such repurchase program.

Dividends

On January 23, 2017, UVE declared a cash dividend of $0.14 per share on its outstanding common stock paid on March 2, 2017, to the shareholders of record at the close of business on February 17, 2017.