SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2013

Equity [Abstract]

SHAREHOLDERS' EQUITY

6. SHAREHOLDERS’ EQUITY

A summary of the changes in shareholders’ equity for the nine months ended September 30, 2013 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, 2012		33,396,720	$	334	$	461,426	$	(89,011	)	$	372,749
Net earnings								64,966			64,966
Dividends								(20,216	)		(20,216	)
Stock-based employee compensation expense		160		—		744					744
Balance, September 30, 2013		33,396,880	$	334	$	462,170	$	(44,261	)	$	418,243

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, 2013 or December 31, 2012.