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STOCK REPURCHASE PROGRAM | 12 Months Ended
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Dec. 31, 2015
STOCK REPURCHASE PROGRAM |
STOCK REPURCHASE PROGRAM | 10.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 shares in 2013. 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 $12,938 at each date on 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 $44,675 on each of the same three dates listed in the preceding sentence.

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