Stockholders' Equity

6 Months Ended

Jun. 30, 2017

8. Stockholders’ Equity

Common Stock

The following table summarizes the activity relating to shares of the Company’s common stock during the six months ended June 30, 2017 (in thousands):

	Issued			Treasury			Outstanding
	Shares			Shares			Shares
Balance, as of December 31, 2016		45,324			(10,272	)		35,052
Shares repurchased		—			(354	)		(354	)
Vesting of performance share units		115			—			115
Stock option exercises		71			—			71
Shares acquired through cashless exercise (1)		—			(63	)		(63	)
Shares cancelled		(63	)		63			—
Balance, as of June 30, 2017		45,447			(10,626	)		34,821

(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 six months ended June 30, 2017, UVE repurchased 354,293 shares, at an aggregate price of approximately $8.9 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.

On April 12, 2017, UVE declared a cash dividend of $0.14 per share on its outstanding common stock payable on July 3, 2017, to the shareholders of record at the close of business on June 14, 2017.