SUBSEQUENT EVENT

9 Months Ended

Sep. 30, 2014

SUBSEQUENT EVENT.

SUBSEQUENT EVENT

NOTE 17.SUBSEQUENT EVENTS

Quarterly Dividend

On October 1, 2014, we declared a quarterly dividend of $0.18 per common share to stockholders of record on October 21, 2014. The dividend was paid using cash on hand on October 28, 2014 in an aggregate amount of $3.9 million.

Interest Rate Swap

On October 29, 2014, the Company entered into an interest rate swap agreement with Wells Fargo with the intention of hedging the Company’s interest rate exposure on a portion of the Company’s outstanding LIBOR-based variable rate debt. Under the terms of the swap, effective December 31, 2014, the Company will pay to Wells Fargo interest at the fixed effective rate of 5.17% and will receive from Wells Fargo interest at the variable one-month LIBOR rate on an initial notional amount of $250.0 million. The interest rate swap will be accounted for as a cash flow hedge whereby changes in the fair value of the cash flow hedge will be recorded in other comprehensive income, with any ineffectiveness recorded directly to interest expense.