Subsequent Events

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

L. Subsequent Events

On April 4, 2018, the Company prepaid $10 million of principal of the AC 4% PIK Note, against the principal amount due on November 30, 2020 reducing the principal outstanding to $30 million.

On April 4, 2018, the Compensation Committee of the Board of Directors authorized the granting of 270,500 RSAs.  The RSAs will vest 30% after the third anniversary date and 70% after the fifth anniversary date.

On April 23, 2018, the Securities and Exchange Commission declared the Company’s shelf registration statement on Form S-3 effective.  The shelf registration statement, which replaces the shelf registration statement from 2015, provides the Company with the ability to issue $500 million of debt or equity securities and expires in three years.

On May 8, 2018, the Board of Directors declared its regular quarterly dividend of $0.02 per share to all of its shareholders, payable on July 2, 2018 to shareholders of record on June 18, 2018.

On May 8, 2018, the Board of Directors authorized an additional $0.20 per share charitable contribution under our existing Shareholder Designated Charitable Contribution program.  Registered holders of record as of June 30, 2018 will be eligible to participate.  Since the inception of the program, GAMCO has donated $17 million to over 150 different charities on behalf of its shareholders.

From April 1, 2018 to May 9, 2018, the Company repurchased 68,010 shares at $25.39 per share.