SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2012

SHAREHOLDERS' EQUITY

8. SHAREHOLDERS’ EQUITY

A summary of the changes in shareholders’ equity for the years ended December 31, 2012, 2011 and 2010 is as follows (in thousands, except per share amounts):

	COMMON STOCK				PAID-IN CAPITAL		DIVIDEND PAID IN EXCESS OF EARNINGS			ACCUMULATED OTHER COMPREHENSIVE LOSS			TOTAL
	SHARES		AMOUNT
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
Net earnings								12,447						12,447
Dividends — $0.375 per share								(12,606	)					(12,606	)
Stock-based compensation		3				739								739
BALANCE, DECEMBER 31, 2012		33,397	$	334	$	461,426	$	(89,011	)	$	—		$	372,749

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, 2012, 2011 and 2010.

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 our outstanding indebtedness 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 our outstanding indebtedness and the remainder was used for general corporate purposes.