Shareholders' Equity

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Shareholders' Equity

6. SHAREHOLDERS’ EQUITY

A summary of the changes in shareholders’ equity for the nine months ended September 30, 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		—		—		—		26,510			26,510
Dividends		—		—		—		(20,252	)		(20,252	)
Stock-based employee compensation expense		19,613		—		661		—			661
Balance, September 30, 2014		33,416,873	$	334	$	463,058	$	(41,382	)	$	422,010

On March 3, 2014 and May 13, 2014, respectively, our Board of Directors granted 67,125 and 5,000 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 September 30, 2014 or December 31, 2013.