Stockholders' Equity

9 Months Ended

Sep. 30, 2013

Stockholders' Equity [Abstract]

Stockholders' Equity

Note 18.  Stockholders’ Equity

A summary of the changes in Stockholders’ equity for the nine months ended September 30, 2013 is as follows:

		Stockholders'
(Amounts in thousands)		Equity
Balance December 31, 2012	$	262,299
Net Income		1,290
Issuance of Preferred Stock		53,336
Common Stock Dividends		(5,485)
Preferred Stock Dividends		(1,041)
Unrealized Foreign Currency Translation Gain		(61)
Net Change in Fair Value of Derivatives		2,289
Net Change in Funding Status of Defined Benefit Plan		927
Stock-based compensation expense (net of forfeited shares)		648
Balance  September 30, 2013	$	314,202

Stock Repurchase Program

On January 25, 2008, the Company’s Board of Directors approved a share repurchase program for up to a total of 1,000,000 shares of the Company’s common stock. We expect that any share repurchases under this program will be made from time to time for cash in open market transactions at prevailing market prices. The timing and amount of any purchases under the program will be determined by management based upon market conditions and other factors.  In 2008, we repurchased 491,572 shares of our common stock for $11.5 million. Thereafter, we suspended repurchases until the second quarter of 2010, when we repurchased 223,051 shares of our common stock for $5.2 million.  Unless and until the Board otherwise provides, this authorization will remain open indefinitely, or until we reach the approved 1,000,000 share limit.

This table provides certain information with respect to the Company’s purchase of shares of its common stock during the three months ended September 30, 2013:

ISSUER PURCHASES OF EQUITY SECURITIES
Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share	(c) Total Number of Shares Purchased as Part of Publicly Announced Plan	(d) Maximum Number of Shares that May Yet Be Purchased Under the Plan
July 1, 2013 - July 31, 2013	-	-	-	285,377
August 1, 2013 - August 31, 2013	-	-	-	285,377
September 1, 2013 - September 30, 2013	-	-	-	285,377

Dividend Payments

During the nine months ended September 30, 2013, we paid cash dividends in respect to our common stock as follows:

(Amounts in Thousands Except per Share Data )						Total
			Per Share			Dividend
Record Date	Payment Date		Amount			Paid
19-Feb-13	4-Mar-13	$	0.25		$	1,803
11-Mar-13	13-Mar-13	$	1.00	*		23
23-Apr-13	29-Apr-13	$	1.00	*		6
7-May-13	8-May-13	$	1.00	*		29
16-May-13	3-Jun-13	$	0.25			1,812
16-Aug-13	4-Sep-13	$	0.25			1,812
					$	5,485

*During the first quarter and second quarter of 2013, we paid an additional $23,000 and $35,000 respectively, in cash dividends related to unvested stock awards that was previously accrued. Upon vesting of these shares of restricted stock, these cash dividends were disbursed to the holders of those restricted shares.

During the nine months ended September 30, 2013, we paid cash dividends in respect of our Series A Cumulative Perpetual Preferred Stock as follows:

(Amounts in Thousands Except per Share Data )						Total
				Per Share		Dividend
Record Date	Series	Payment Date		Amount		Paid
29-Apr-13	A	30-Apr-13	$	1.79	$	447
29-Jul-13	A	30-Jul-13	$	2.375		594
					$	1,041