Stockholders' Equity

6 Months Ended

Jun. 30, 2015

Stockholders' Equity [Abstract]

Stockholders' Equity

NOTE 15 – STOCKHOLDERS’ EQUITY

A summary of the changes in Stockholders’ equity for the six months ended June 30, 2015, is as follows:

(All Amounts in Thousands)	Stockholders'
	Equity
Balance at December 31, 2014	$	267,610
Net Loss		(4,668)
Common Stock Dividends*		(2,222)
Preferred Stock Dividends		(2,611)
Unrealized Foreign Currency Translation Gain		(116)
Net Change in Fair Value of Derivatives		330
De-Designation of Interest Rate Swap		2,859
Net Change in Funding Status of Defined Benefit Plan		346
Issuance of stock-based compensation, net of forfeited shares		199
Balance at June 30, 2015	$	261,727

*Includes approximately $28,000 of dividends accrued but not paid during the period with respect to unvested equity incentive awards.

Stock Repurchase Program

On January 25, 2008, our Board of Directors approved a share repurchase program for up to a total of 1,000,000 shares of our 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 our Board of Directors otherwise provides, this authorization will remain open indefinitely, or until we reach the approved 1,000,000 share limit. As of June 30, 2015, the maximum number of shares that may yet be purchased under the Plan was 285,377 shares.

Dividend Payments

The payment of dividends to common stockholders and preferred stockholders is at the discretion and subject to the approval of our Board of Directors.  On October 29, 2008, our Board of Directors authorized the reinstitution of a quarterly cash common stock dividend program beginning in the fourth quarter of 2008. Since then, the Board of Directors has declared a cash common stock dividend each quarter.

During the six months ended June 30, 2015, we paid cash dividends on our common stock as follows:

(All Amounts in Thousands Except per Share Data)
Declaration Date	Record Date	Payment Date		Per Share Amount		Total Dividend Paid
7-Jan-15	19-Feb-15	4-Mar-15	$	0.25	$	1,828
29-Apr-15	15-May-15	3-Jun-15		0.05		366
					$	2,194

During the six months ended June 30, 2015, we paid cash dividends on our Series A and Series B Cumulative Perpetual Preferred Stock as follows:

(All Amounts in Thousands Except per Share Data)
Declaration Date	Record Date	Series	Payment Date		Per Share Amount		Total Dividend Paid
7-Jan-15	29-Jan-15	A	30-Jan-15	$	2.375	$	594
7-Jan-15	29-Jan-15	B	30-Jan-15		2.250		711
2-Apr-15	29-Apr-15	A	30-Apr-15		2.375		594
2-Apr-15	29-Apr-15	B	30-Apr-15		2.250		712
						$	2,611