REVERSE STOCK SPLIT

3 Months Ended

Mar. 31, 2013

Reverse Stock Split [Abstract]

CAPITAL STRUCTURE

REVERSE STOCK SPLIT

On April 25, 2013, our shareholders approved a 1-for-5 reverse stock split of our outstanding shares of Common and Class A Stock that will be effective May 10, 2013. This will result in a reduction of our Common Stock issued and outstanding from 26,876 shares to approximately 5,375 shares, and a reduction in our Class A Stock issued and outstanding from 4,725 shares to approximately 945 shares. The reverse stock split will affect all shareholders of the Company's stock uniformly, but should not materially affect any shareholder’s percentage of ownership interest. The par value of our Common Stock and Class A Stock will remain unchanged at $1.00 per share and the number of authorized shares will remain the same after the reverse stock split.

As the par value per share of the Company's stock will remain unchanged at $1.00 per share, approximately $25,281 will be reclassified to capital in excess of par value. In connection with this reverse stock split, the number of shares of Common Stock underlying outstanding share-based awards will also be proportionately reduced while the exercise prices of stock options will be proportionately increased.