SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2012

SHAREHOLDERS' EQUITY

7. SHAREHOLDERS’ EQUITY

A summary of the changes in shareholders’ equity for the nine months ended September 30, 2012 is as follows (in thousands, except share amounts):

	COMMON STOCK				PAID-IN		DIVIDENDS PAID IN EXCESS
	SHARES		AMOUNT		CAPITAL		OF EARNINGS			TOTAL
Balance, December 31, 2011		33,394,395	$	334	$	460,687	$	(88,852	)	$	372,169
Net earnings								6,646			6,646
Dividends								(8,404	)		(8,404	)
Stock-based employee compensation expense		1,915				547					547
Balance, September 30, 2012		33,396,310	$	334	$	461,234	$	(90,610	)	$	370,958

We are authorized to issue 20,000,000 shares of preferred stock, par value $.01 per share, of which none were issued as of September 30, 2012 or December 31, 2011.

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.