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Capital Stock
12 Months Ended
Dec. 31, 2011
Equity [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

Note 13 – Capital Stock

 

 

    Number of Shares     Capital Stock  
Issued and outstanding   2011     2010     2011     2010  
                         
Common shares, $0.01 par value     27,117,450       25,960,080     $ 271     $ 259  
                                 
Class N preferred shares, $10.00 par value     592       592     $ 6     $ 6  

 

The Company’s authorized capital stock consists of 300,000,000 common shares, with a par value of $0.01 per share, and 10,000,000 preferred shares with a par value of $10.00 per share.

 

On March 15, 2011, the Company issued 1,000,000 shares, for net proceeds of $1,803, through a private placement. On June 23, 2011, as discussed in Note 2, the Company issued 122,950 shares in connection with Counsel RB’s acquisition of Equity Partners. During the third and fourth quarters of 2011, the Company issued 26,275 and 8,145 shares, respectively, due to option exercises.

 

In December 2010 the Company issued 3,242,000 common shares in exchange for the minority interest in Counsel RB, as discussed in Note 2.

 

Each Class N preferred share has a voting entitlement equal to 40 common shares, votes with the common stock on an as-converted basis and is senior to all other preferred stock of the Company. Dividends, if any, will be paid on an as-converted basis equal to common stock dividends. The value of each Class N preferred share is $1,000, and each share is convertible to 40 common shares at the rate of $25 per common share. During 2011 and 2010, none of the Company’s Class N preferred stock was converted into common stock. At December 31, 2011 and 2010, of the 10,000,000 shares of preferred stock authorized, 9,486,500 remain undesignated and unissued.