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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2018
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

9. SUBSEQUENT EVENTS

 

Stock Dividend

 

On May 1, 2018, the Board of Directors approved a 5% stock dividend (or 0.05 share for each share outstanding) on the outstanding shares of common stock of the Company, par value $0.01 per share. The stock dividend is payable on May 29, 2018 to shareholders of record on May 14, 2018.  Shareholders will receive cash in lieu of any fractional shares that they otherwise would have been entitled to receive in connection with the stock dividend. The anticipated impact on the 2017 condensed consolidated financial statements is reflected in Note 4. The anticipated impact of all loss per common share for the quarter ended March 31, 2018 referenced within this Form 10-Q have been adjusted for the 5% stock dividend to be paid on May 29, 2018 to shareholders of record as of May 14, 2018 (excluding fractional shares that cannot be determined at this date).