Material Transactions Affecting Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Material Transactions Affecting Stockholders' Equity

MATERIAL TRANSACTIONS AFFECTING STOCKHOLDERS' EQUITY

Issued Common Stock

On December 2, 2014, the Company issued 2,440,754 shares of its $0.01 par value common stock at a price of $15.737 as part of the consideration in the Great Lakes acquisition. Additional information regarding the acquisition is presented in Note 3, "Acquisitions."

Authorized Common Stock

On May 21, 2014, the stockholders of the Company approved an amendment to the Company's Restated Certificate of Incorporation. The amendment increased the Company's authorized common stock by 50,000,000 shares. Following this amendment, the Company is now authorized to issue a total of 151,000,000 shares, including 1,000,000 shares of Preferred Stock, without a par value, and 150,000,000 shares of Common Stock, $0.01 par value per share.

Quarterly Dividend on Common Shares

The Company's Board of Directors ("the Board") declared stock dividends of $0.01 per share for the first quarter of 2013 and $0.04 per share for the second quarter of 2013 and the third quarter of 2013. The Company increased the quarterly dividend to $0.07 per share for the fourth quarter of 2013 and the first quarter of 2014, and to $0.08 per share for each of the quarters from the second quarter of 2014 through the fourth quarter of 2014. The Company increased the quarterly dividend to $0.09 per share for each of the quarters from the first quarter of 2015 through the fourth quarter of 2015.

Other than share-based compensation which is disclosed in Note 17, "Share-Based Compensation", there were no additional material transactions that affected stockholders' equity during the three years ended December 31, 2015.

STOCKHOLDER RIGHTS PLAN

On February 15, 1989, the Board adopted a Stockholder Rights Plan and entered into a corresponding Rights Agreement. Pursuant to that plan, the Company attached one right ("Right") to each outstanding share of Company common stock. As subsequently amended, under certain circumstances, each Right entitled the registered holder to purchase from the Company 1/100 of a share of Series A Preferred Stock for a price of $150, subject to adjustment. The Rights Agreement expired in accordance with its terms on November 15, 2015. As a result, the Rights Agreement and the Stockholder Rights Plan are no longer effective.