Subsequent Event

12 Months Ended

Dec. 31, 2016

Subsequent Event [Abstract]

Subsequent Event

Note 19 – Subsequent Event

On January 25, 2017, the Company announced a special dividend on its common stock payable on March 9, 2017 to stockholders of record on February 28, 2017.  The special dividend will consist of $3.00 in cash and $5.00 in principal amount of the Company's 6% Subordinated Debentures due 2027 for each share of common stock (less any applicable withholding tax).

The Debentures will be subordinated to all other funded debt of the Company and will be callable, in whole or in part, at any time at the option of the Company, subject to declining call premiums during the first five years. The Debentures will also grant each holder of the Debentures the right to require the Company to repurchase such holder's Debentures in the event of a change of control, at declining repurchase premiums during the first five years. Interest will be payable semiannually on September 1 and March 1, commencing September 1, 2017.

The effect of the special dividend will be to decrease stockholders' equity by approximately $460.0 million, increase long-term debt by approximately $287.0 million, and decrease cash by approximately $173.0 million.