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SHAREHOLDERS' EQUITY (Block)
9 Months Ended
Sep. 30, 2011
Stockholders Equity Note Abstract 
Stockholders Equity Note Disclosure Text Block

10.       SHAREHOLDERS' EQUITY

 

Dividends

 

The Company currently does not pay a dividend on its common stock. Any future dividends will be at the discretion of the Board of Directors based upon the relevant factors at the time of such consideration.

 

Pursuant to the Company's current Bank Facility, during periods when the Company's Consolidated Leverage Ratio exceeds 6.0 times, the Company would be prohibited from paying dividends.

Dividend Equivalents

 

       The Company's grants of restricted stock units (“RSUs”) include the right, upon vesting, to receive a cash payment equal to the aggregate amount of dividends, if any, that holders would have received on the shares of common stock underlying their RSUs if such RSUs had been vested during the period.

 

       The following table presents the amounts accrued and unpaid on unvested RSUs as of the periods indicated:

  Balance Sheet September 30, December 31,
  Location 2011 2010
         
         
Short-term dividend equivalent liability Other current liabilities $ 57 $ 522
Long-term dividend equivalent liability Other long-term liabilities   228   276
Total dividend equivalent liability   $ 285 $ 798

       The following table presents: (a) the amount of dividend equivalents that were paid to the holders of RSUs that vested; and (b) the tax benefits that were recorded to paid-in capital:

  Nine Months Ended
  September 30,
  2011 2010
  (amounts in thousands)
       
Dividend equivalents paid $ 511 $ 872
Tax benefit recognized to paid-in capital $ - $ -

Deemed Repurchases Of Vested RSUs

 

       Upon vesting of an RSU, a tax obligation is created for both the employer and the employee. Unless employees elect to pay their tax withholding obligations in cash, the Company withholds shares of stock in an amount sufficient to cover their tax withholding obligations. The withholding of these shares by the Company is deemed to be a repurchase of its stock.       

       

       The following table presents for the periods indicated: (1) the shares of stock the Company was deemed to have repurchased; and (2) the amounts that the Company recorded as financing activity in the consolidated statements of cash flows:

 

  Nine Months Ended
  September 30,
  2011 2010
  (amounts in thousands)
       
Shares of stock deemed repurchased   290   181
Amount recorded as financing activity $ 3,022 $ 1,622

Company Share Repurchase Programs

       

       The Company's Board of Directors has authorized in the past, and may authorize in the future, share repurchase programs for the purchase of Class A common stock over a defined period of time. See Note 7 for further discussion. There are no authorized share repurchase programs as of September 30, 2011.