Shareholders' Equity

12 Months Ended

Dec. 31, 2011

Shareholders' Equity [Abstract]

SHAREHOLDERS' EQUITY

8. SHAREHOLDERS’ EQUITY

A summary of the changes in shareholders’ equity for the years ended December 31, 2011, 2010 and 2009 is as follows (in thousands, except per share amounts):

	COMMON STOCK				PAID-IN		DIVIDEND PAID IN EXCESS			ACCUMULATED OTHER COMPREHENSIVE
	SHARES		AMOUNT		CAPITAL		OF EARNINGS			LOSS			TOTAL
BALANCE, DECEMBER 31, 2008		24,766	$	248	$	259,069	$	(49,124	)	$	(4,296	)	$	205,897
Net earnings								47,049						47,049
Dividends — $1.87 per share								(46,970	)					(46,970	)
Stock-based compensation						390								390
Stock options exercised
Net unrealized loss on interest rate swap											1,303			1,303
BALANCE, DECEMBER 31, 2009		24,766		248		259,459		(49,045	)		(2,993	)		207,669
Net earnings								51,700						51,700
Dividends — $1.91 per share								(54,959	)					(54,959	)
Stock-based compensation		1				480								480
Stock options exercised		2												—
Proceeds from issuance of common stock		5,175		51		108,154								108,205
Net unrealized gain on interest rate swap											1,840			1,840
BALANCE, DECEMBER 31, 2010		29,944		299		368,093		(52,304	)		(1,153	)		314,935
Net earnings								12,456						12,456
Dividends — $1.46 per share								(49,004	)					(49,004	)
Stock-based compensation						643								643
Stock options exercised														—
Proceeds from issuance of common stock		3,450		35		91,951								91,986
Net unrealized gain on interest rate swap											1,153			1,153
BALANCE, DECEMBER 31, 2011		33,394	$	334	$	460,687	$	(88,852	)	$	—		$	372,169

We are authorized to issue 20,000,000 shares of preferred stock, par value $.01 per share, of which none were issued as of December 31, 2011, 2010 and 2009.

In the first quarter of 2011, we completed a public stock offering of 3,450,000 shares of our common stock, of which 3,000,000 shares were issued in January 2011 and 450,000 shares, representing the underwriter’s over-allotment, were issued in February 2011. Substantially all of the aggregate $91,986,000 net proceeds from the issuance of common stock (after related transaction costs of $267,000) was used to repay a portion of the outstanding balance under our Credit Agreement and the remainder was used for general corporate purposes.

During the second quarter of 2010, we completed a public stock offering of 5,175,000 shares of our common stock. The $108,205,000 net proceeds from the issuance of common stock (after related transaction costs of $522,000) was used in part to repay a portion of the outstanding balance under the Credit Agreement and the remainder was used for general corporate purposes.