Stockholders' Equity

9 Months Ended

Sep. 30, 2015

Stockholders' Equity [Abstract]

Stockholders' Equity

NOTE 16 – STOCKHOLDERS’ EQUITY

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

(All Amounts in Thousands)	Stockholders'
	Equity
Balance at December 31, 2014	$	267,610
Net Loss		(11,875)
Common Stock Dividends*		(2,592)
Preferred Stock Dividends		(3,916)
Unrealized Foreign Currency Translation Gain		(255)
Net Change in Fair Value of Derivatives		411
De-Designation of Interest Rate Swap		2,859
Net Change in Funding Status of Defined Benefit Plan		519
Issuance of stock-based compensation, net of forfeited shares		437
Balance at September 30, 2015	$	253,198

*Includes approximately $32,000 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 September 30, 2015, the maximum number of shares that may yet be purchased under the Plan was 285,377 shares. Based on our current liquidity position and debt covenants, we have no plans to repurchase any of our shares under this program in the near future.

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 through the middle of 2015.  On October 19, 2015, we announced that our Board of Directors elected to defer the cumulative dividend payments scheduled for October 30, 2015 with respect to our Series A and Series B Preferred Stock. If we do not pay our preferred stock dividends for two periods (whether consecutive or not), the per annum rate will increase by an additional 2.00% per $100.00 stated liquidation preference, or $2.00 per annum, up to a maximum annual dividend rate of twice the original interest rate, on and after the day following such second dividend payment date. The dividend rate will reset to the original dividend rate once we have paid all accrued and unpaid dividends for three consecutive quarters.At September 30, 2015, we recorded a $0.2 million embedded derivative liability related to the potential penalties on our preferred stock dividends.  See Note 12 – Derivatives for additional information.  Additionally, since our preferred shares rank senior to our common shares, and carry accrued but unpaid dividends, we are currently precluded from paying cash dividends on our common stock.  Moreover, our November 2015 credit facility amendments place further restrictions on our ability to pay dividends on our common and preferred stock until certain conditions are met.  For additional information, see “Risk Factors” under Item 1A of Part II of this report.

During the nine months ended September 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
30-Jul-15	14-Aug-15	4-Sep-15		0.05		366
					$	2,560

During the nine months ended September 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
8-Jul-15	29-Jul-15	A	30-Jul-15		2.375		594
8-Jul-15	29-Jul-15	B	30-Jul-15		2.250		711
						$	3,916