SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

SHAREHOLDERS' EQUITY

6. SHAREHOLDERS’ EQUITY

A summary of the changes in shareholders’ equity for the three months ended March 31, 2014 is as follows (in thousands, except share amounts):

	COMMON STOCK				PAID-IN CAPITAL		DIVIDENDS PAID IN EXCESS OF EARNINGS			TOTAL
	SHARES		AMOUNT
Balance, December 31, 2013		33,397,260	$	334	$	462,397	$	(47,640	)	$	415,091
Net earnings								9,638			9,638
Dividends								(6,752	)		(6,752	)
Stock-based employee compensation expense		70		—		242					242
Balance, March 31, 2014		33,397,330	$	334	$	462,639	$	(44,754	)	$	418,219

On March 3, 2014, our Board of Directors granted 67,125 restricted stock units to our employees under our 2004 Omnibus Incentive Compensation Plan.

We are authorized to issue 20,000,000 shares of preferred stock, par value $.01 per share, of which none were issued as of March 31, 2014 or December 31, 2013.