SHAREHOLDERS' EQUITY (Block)

6 Months Ended

Jun. 30, 2016

Stockholders Equity Note Abstract

Stockholders Equity Note Disclosure Text Block

11. SHAREHOLDERS’ EQUITY

Dividends

During the second quarter of 2016, the Company commenced a quarterly common stock dividend program of $0.075per share and paid $2.9 million. Any future dividends will be at the discretion of the Board of Directors based upon the relevant factors at the time of such consideration, including, without limitation, compliance with the restrictions set forth in the Company’s Credit Facility and the indenture governing the Senior Notes.

The Company paid dividends of $0.4million on its perpetual cumulative convertible preferred stock in each of the first two quarters of 2016.

Dividend Equivalents

The Company’s grants of RSUs include the right, upon vesting, to receive a cash payment equal to the aggregate amount of dividends, if any, that holders would have received on the shares of common stock underlying their RSUs if such RSUs had been vested during the period.

The following table presents the amounts accrued and unpaid on unvested RSUs:

		Dividend Equivalent Liabilities
	Balance Sheet	June 30,		December 31,
	Location	2016		2015
		(amounts in thousands)
Short-term	Other current liabilities	$	44	$	-
Long-term	Other long-term liabilities		238		210
total		$	282	$	210

Employee Stock Purchase Plan

The Company adopted an employee stock purchase plan (“ESPP”)during the second quarter of 2016 that commenced with the third quarter of 2016. The ESPP will allow participants to purchase the Company’s stock at a discount and will consist of four quarterly offering periods during each year. The maximum number of shares authorized to be issued under the ESPP is 1.0million.