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EXCHANGE OF PREFERRED STOCK FOR COMMON STOCK AND CASH (Tables)
12 Months Ended
Dec. 31, 2012
EXCHANGE OF PREFERRED STOCK FOR COMMON STOCK AND CASH  
Summary of 2011 Exchange Offer and private sales

 

 

 

 

Number of Preferred
Stock Shares
Tendered by
Preferred
Stockholders

 

 

Cash
Outlay by
Company

 

 

Number of
Common Stock
Shares Tendered
by Company

 

 

Accrued
Dividends
Eliminated

 

 

Amount of
Annual
Dividend
Reduction

 

Series I Class B Stock

 

 

40,500

 

 

$

60,750

 

 

40,500

 

 

$

 

 

$

20,250

 

Series II Class B Stock

 

 

41,000

 

 

123,000

 

 

41,000

 

 

 

 

41,000

 

Series IV Class B Stock

 

 

10,000

 

 

35,000

 

 

10,000

 

 

114,575

 

 

10,000

 

Series V Class B Stock

 

 

1,185,964

 

 

1,138,525

 

 

1,185,964

 

 

3,478,084

 

 

379,508

 

Total Class B Stock

 

 

1,277,464

 

 

$

1,357,275

 

 

1,277,464

 

 

$

3,592,659

 

 

$

450,758