XML 59 R18.htm IDEA: XBRL DOCUMENT v2.4.1.9
Preferred Stock
12 Months Ended
Dec. 31, 2014
Preferred Stock [Abstract]  
Preferred Stock

Note 9.   Preferred Stock

The Company had 55,000 and 65,000 shares of Series D preferred stock (“Series D Preferred Stock”) outstanding at December 31, 2014 and 2013, respectively. All of the shares of Series D Preferred Stock are held by an affiliate of the Company’s controlling shareholder. The outstanding shares of Series D Preferred Stock have a stated value of $100 per share; accrue annual dividends at a rate of $7.25 per share (payable in cash or shares of the Company’s common stock at the option of the board of directors of the Company) and are cumulative. In certain circumstances, the shares of the Series D Preferred Stock may be convertible into an aggregate of approximately 1,378,000 shares of the Company’s common stock, subject to certain adjustments and provided that such adjustments do not result in the Company issuing more than approximately 2,703,000 shares of common stock without obtaining prior shareholder approval; and are redeemable solely at the Company’s option. The Series D Preferred Stock is not currently convertible. The Company redeemed 10,000 shares of the Series D Preferred Stock in 2014 and 5,000 shares of the Series D Preferred Stock in 2013 at the stated value of $100 per share, for aggregate payments of $1,000 and $500, respectively. As of December 31, 2014 and 2013, the Company had accrued, but unpaid, dividends, on the Series D Preferred Stock of $18 and $21, respectively. During 2014 and 2013, the Company paid Series D Preferred Stock dividends of $471 and 483, respectively.