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EXCHANGE OF PREFERRED STOCK FOR COMMON STOCK AND CASH (Tables)
12 Months Ended
Dec. 31, 2013
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