XML 59 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock
 9 Months Ended
Sep. 30, 2012
Common Stock [Abstract]  
Common Stock

(14) Common Stock

In July 2012, the Company’s board of directors declared a regular quarterly dividend in the amount of $0.02 per share on the Company’s Class A and Class B common stock. The Company paid these dividends on August 15, 2012 to the holders of record as of the close of business on August 3, 2012. The Company paid approximately $753,000 for these quarterly dividends.

In August 2012, the Company’s board of directors approved an increase to the Company’s quarterly cash dividend on the Company’s Class A and Class B common stock, subject to capital availability, from $0.02 per share to $0.035 per share. The increase in the dividend raises the annual dividend rate to $0.14 per share or $5.3 million. The Company paid the incremental $0.015 per share dividends on August 31, 2012 to Class A and Class B common stockholders of record as of the close of business on August 16, 2012. The Company paid approximately $565,000 for these incremental dividends.

In November 2006, the Company’s board of directors authorized a share repurchase program for the Company as well as the initiation of a quarterly cash dividend for the holders of the Class A and Class B common stock. The Company’s board of directors have authorized increases to the share repurchase program for the Company to repurchase up to 13 million shares in the aggregate (less shares previously repurchased under the share repurchase program) of the Company’s Class B common stock. Under the share repurchase program, repurchases may take place in the open market and in privately negotiated transactions and at times and in such amounts as the Company deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, capital availability, and other market conditions. This stock repurchase program does not have an expiration date and may be expanded, limited or terminated at any time without prior notice.

During the nine months ended September 30, 2012, the Company repurchased 365,000 shares of Class B common stock for approximately $1.6 million at an average stock price of $4.29 per share. The 365,000 shares have been recorded as treasury stock in the condensed consolidated balance sheet as of September 30, 2012.

During the nine months ended September 30, 2012, the Company’s board of directors approved the retirement of approximately 1.0 million shares of treasury stock. The excess of purchase price over par value of $2.6 million was recorded as a deduction to additional paid in capital on the condensed consolidated balance sheet.