XML 56 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
STOCK REPURCHASE PROGRAM
12 Months Ended
Dec. 31, 2013
STOCK REPURCHASE PROGRAM  
STOCK REPURCHASE PROGRAM

11.

STOCK REPURCHASE PROGRAM

 

On July 10, 2012, the Company authorized a Common Stock repurchase plan structured to comply with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934.  Under the plan, the Company purchased 655,818 and 67,102 shares in 2013 and 2012, respectively.  The plan was terminated effective August 30, 2013.

 

Pursuant to the Certificates of Designation, Preferences, Rights And Limitations of the Series I Class B and Series II Class B Convertible Preferred Stock, the Company would have been prohibited from purchasing its Common Stock while dividends were in arrears.  Therefore, to facilitate the Common Stock repurchase plan, the Company paid dividends on the Series I Class B Preferred Stock in the amount of $38,813 on July 31, 2012 and in the amount of $12,938 at each date on October 22, 2012, January 21, 2013, April 22, 2013, and July 22, 2013.  The Company paid dividends to Series II Class B Preferred Stockholders in the amount of $134,025 on July 31, 2012 and in the amount of $44,675 on each of the same four dates listed in the preceding sentence.