Subsequent Events

6 Months Ended

Jun. 30, 2012

Subsequent Events [Abstract]

Subsequent Events

K. Subsequent Events

On July 2, 2012, the Company completed a tender offer (the "Offer") for its 0% Subordinated Debentures due December 31, 2015 ("Debentures").  In connection with the Offer, the Company purchased $64.1 million in face value of Debentures at a price of $870 per $1,000 principal amount for a total cash consideration of $55.8 million.  This transaction reduces the Company's cash and cash equivalents by $55.8 million, debt outstanding by $49.5 million and results in a one-time loss on extinguishment of debt, net of management fees and tax benefit, of approximately $2.1 million or $0.08 per fully diluted share to be recorded during the third quarter of 2012.  Interest expense is expected to be reduced by $1.8 million in the second half of 2012 and, annually, by $4.0 million in 2013, $4.3 million in 2014 and $4.6 million in 2015.

On August 7, 2012, our Board of Directors declared a special dividend of $0.25 per share to all of its Class A and Class B shareholders in addition to increasing its quarterly dividend to $0.05 per share from $0.04 per share payable on September 25, 2012 to its Class A and Class B shareholders of record on September 11, 2012.