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Equity
12 Months Ended
Dec. 31, 2013
Equity [Abstract]  
Equity

Note 13—Equity

The Company is authorized to issue up to 206,000,000 shares of common stock at $0.01 par value. At December 31, 2013 and 2012, the Company had 78,286,465 and 72,846,144 shares outstanding, respectively. The Company is also authorized to issue 2,000,000 shares of preferred stock at a par value of $0.01 par value preferred stock. As of December 31, 2013, no shares of preferred stock have been issued.

Initial Public Offering and Other Public Offerings

On April 17, 2013, EVERTEC completed an initial public offering of 28,789,943 shares of common stock at a price to the public of $20.00 per share. A total of 6,250,000 shares were offered by EVERTEC and a total of 22,539,943 shares were offered by selling stockholders, of which 13,739,284 shares were sold by Apollo and 8,800,659 shares were sold by Popular. EVERTEC used the net proceeds of approximately $117.4 million, after the deduction of underwriting discount and commissions, from the Company’s sale of shares in the initial public offering and proceeds from borrowings under the 2013 Credit Agreement, together with available cash on hand, to redeem the Company’s senior notes and to refinance the Company’s previous senior secured credit facilities.

On September 18, 2013, EVERTEC completed a public offering of 23,000,000 shares of the Company’s common stock by Apollo, Popular, and current and former employees at a price to the public of $22.50 per share. EVERTEC did not receive any proceeds from this offering.

On December 13, 2013, EVERTEC completed a public offering of 15,233,273 shares of the Company’s common stock by Apollo, Popular, and current and former employees at a price to the public of $20.60 per share. EVERTEC did not receive any proceeds from this offering.

Stock Repurchase

On December 13, 2013, the Company repurchased 3,690,036 shares of its common stock. The Company funded the share repurchase with approximately $25.0 million in cash on hand and approximately $50.0 million of borrowings under its revolving credit facility.

Dividends

During 2013, the Company implemented a policy under which EVERTEC pays a regular quarterly dividend on the Company’s common stock, subject to the declaration thereof each quarter by the Company’s Board of Directors. The Company’s first quarterly dividend of $0.10 per common share was declared on August 7, 2013 and was paid on September 6, 2013 to stockholders of record as of the close of business on August 19, 2013. On November 6, 2013, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per share of common stock. The cash dividend was paid on December 6, 2013 to stockholders of record as of the close of business on November 18, 2013.

On December 18, 2012, the Company’s Board of Directors declared a special dividend of approximately $53.4 million to its stockholders. The Company recorded excess over accumulated earnings of the cash distribution amounting to $52.4 million as a return of capital reducing additional paid in capital caption in the consolidated balance sheets.

On May 9, 2012, the Company used the net proceeds primarily from the incremental of the previous term loan, together with cash on hand, to pay a special cash dividend of $269.8 million to its stockholders. The Company recorded the excess over accumulated earnings of the cash distribution amounting to $260.2 million as a return of capital reducing additional paid in capital caption in the consolidated balance sheets.