Shareholders' Equity And Puttable Common Stock

12 Months Ended

Dec. 31, 2013

Shareholders' Equity And Puttable Common Stock [Abstract]

Shareholders' Equity And Puttable Common Stock

NOTE 16: SHAREHOLDERS' EQUITY AND PUTTABLE COMMON STOCK

The Company has 10,000,000 authorized shares of common stock at a par value of $0.01; 5,000 authorized preferred shares at a par value of $100; and 10,000,000 authorized shares of preferred stock at a par value of $0.01.

The holders of the Company's preferred stock are entitled to dividends of 5% annum. The Company declared dividends per common share of $0.54, $1.08 and $1.04 for the years ended December 31, 2013, 2012, and 2011, respectively.

The Company issued 272,479 shares of the Company's common stock in connection with the Company's purchase of substantially all of the assets and assumption of certain liabilities of Alteva, LLC in August of 2011 (see Note 4). The members of Alteva, LLC had the option to put the 272,479 shares back to the Company on October 21, 2012 and December 15, 2012. The puttable common stock was issued with redemption features that are not solely within the control of the Company and was classified outside of permanent equity (often referred to as classification in "temporary equity").

During September 2012, 247,331 of the puttable Alteva shares were sold in a block trade, and 25,148 puttable shares were acquired by the Company. As a result of the transactions (see Note 4) the Company reclassified the puttable common stock out of "temporary equity" and into "permanent equity" during the year ended December 31, 2012.