Stockholders' Equity

3 Months Ended

Mar. 31, 2016

Stockholders' Equity [Abstract]

Stockholders' Equity

NOTE 17 – STOCKHOLDERS’ EQUITY

A summary of the changes in stockholders’ equity for the three months ended March 31, 2016 is as follows:

(All Amounts in Thousands)	Stockholders'
	Equity
Balance at December 31, 2015	$	86,332
Net Loss		(8,454)
Unrealized Foreign Currency Translation Loss		(14)
Net Gain in Funding Status of Defined Benefit Plan		168
Issuance of Stock Based Compensation, net*		222
Balance at March 31, 2016	$	78,254

*  Net of approximately $11,000 included in accounts payable and other accrued expenses at March 31, 2016.

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 March 31, 2016, 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. The Board of Directors declared a cash common stock dividend each quarter between the fourth quarter of 2008 and the middle of 2015. Since late 2015, our principal loan agreements have expressly prohibited us from paying dividends unless and until our financial position substantially improves.

On October 19, 2015 and January 19, 2016, we announced that our Board of Directors declared that we would not be paying the cumulative dividend payments scheduled for October 30, 2015 and January 30, 2016 related to our Series A and Series B Preferred Stock. Because we did not pay our preferred stock dividends for two periods, the per annum rate increased on January 31, 2016 by 2.00% per $100.00 stated liquidation preference, or $2.00 per annum. See Note 22 – Subsequent Events for information on the impact of our election to forego making the April 2016 dividend payment. If we fail to make additional future scheduled payments, this per annum rate will continue to increase up to a maximum annual dividend rate of twice the original interest rate. At March 31, 2016, we recorded a $2.6 million embedded derivative liability related to the penalties on our preferred stock dividends. See Note 14 – Derivative Instruments for additional information. Additionally, since our preferred shares rank senior to our common shares, and carry cumulative dividends, we are currently precluded from paying cash dividends on our common stock.