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Common Stock
 9 Months Ended
Sep. 30, 2012
Common Stock [Abstract]  
Common Stock

(11) Common Stock

 

Issuance of common stock pursuant to the 2011 Incentive Stock Plan

 

On January 12, 2012, the Company issued shares of 109,584 out of the 2011 Incentive Stock Plan of Orient Paper Inc. (the "2011 ISP") to certain of its directors and officers when the stock was at $3.45 per share, as compensation for their services in the past years. Total fair value of the stock was calculated at $378,065 as of the date of issuance. The 2011 ISP was approved by the shareholders of the Company in August 2011 and sets aside 375,000 shares of the Company's common stock for the purpose of compensating services provided by the employees, directors and other service providers. See Note (14), Stock Incentive Plan, for more details of the 2011 ISP.

 

Dividend declared

 

On June 1, 2012, the Company's Board of Directors declared a quarterly cash dividend of $0.0125 per share. The dividend is payable July 2, 2012 to shareholders of record as of the close of business of June 15, 2012. All the dividends were paid on June 27, 2012.

 

In addition, on September 4, 2012, the Company announced another quarterly dividend of $0.0125 per share, with record date on September 14, 2012. The dividends were paid on September 25, 2012.

 

The Board of Directors also approved that quarterly dividend of $0.0125 per share will also be paid in the next two quarters on such dates as the Board of Directors shall determine. Future declaration of dividends will depend on, among other things, the Company's results of operations, capital requirements, financial condition and on such other factors as the Company's Board of Directors may in its discretion consider relevant and in the best long term interest of the shareholders.