Stockholders' Equity | 9 Months Ended |
Sep. 30, 2014 |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
Stockholders’ Equity — Our authorized capital stock consists of 75 million shares of common stock, par value $0.0001 per share, and 25 million shares of preferred stock, par value $0.0001 per share. |
Changes in Stockholders’ Equity. Changes in stockholders’ equity for the nine months ended September 30, 2014 consisted of: |
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| (Dollars in thousands) | | | | | | | | | | | | | |
Balance at January 1, 2014 | $ | 269,950 | | | | | | | | | | | | | | |
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Net income for the nine months ended September 30, 2014 | 13,833 | | | | | | | | | | | | | | |
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Cash dividends declared | (8,283 | ) | | | | | | | | | | | | | |
Amortization of stock based compensation | 2,816 | | | | | | | | | | | | | | |
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Other | (34 | ) | | | | | | | | | | | | | |
Balance at September 30, 2014 | $ | 278,282 | | | | | | | | | | | | | | |
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General. At September 30, 2014 and December 31, 2013, there were 21,675,735 and 21,652,341 shares of common stock outstanding, respectively, and no shares of preferred stock outstanding. |
The following table summarizes the activities under the 2012 Equity Incentive Award Plan (the "2012 Equity Plan") from inception through September 30, 2014: |
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Total equity securities available at May 16, 2012 | 2,194,986 | | | | | | | | | | | | | | | |
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Add: 2011 LTIP RSUs forfeited by eligible employees | 209,382 | | | | | | | | | | | | | | | |
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Add: Restricted shares of common stock ("restricted stock") forfeited by non-executive member of the Board of Directors | 3,189 | | | | | | | | | | | | | | | |
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Less: 2011 LTIP RSUs awarded to eligible employees | (557,484 | ) | | | | | | | | | | | | | | |
Less: Common stock awarded to eligible employees | (5,820 | ) | | | | | | | | | | | | | | |
Less: Restricted stock awarded to non-executive members of the Board of Directors | (47,855 | ) | | | | | | | | | | | | | | |
Less: Short-Term Incentive Plan (“STIP”) common stock awarded to an eligible employee | (41,702 | ) | | | | | | | | | | | | | | |
Total equity securities available at September 30, 2014 | 1,754,696 | | | | | | | | | | | | | | | |
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On July 8, 2014, our Board of Directors granted 5,820 shares of common stock to certain eligible employees under the 2012 Equity Plan. The grant date fair value was $0.1 million based upon the closing price per share of our common stock of $15.74. |
The following table details activities with respect to outstanding RSUs under the 2011 LTIP for the three months ended September 30, 2014: |
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| | Shares | | Weighted- | | Total Unrecognized Compensation Cost (net of estimated forfeitures) | | Weighted-Average | | | |
Average Grant | (In thousands) | Period Over Which | | | |
Date Fair Value | | Cost is Expected to | | | |
| | be Recognized | | | |
| | (In months) | | | |
Non-vested RSUs at July 1, 2014 | | 559,689 | | | $ | 12.41 | | | | | | | | |
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Granted | | — | | | — | | | | | | | | |
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Vested | | — | | | — | | | | | | | | |
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Forfeited | | — | | | — | | | | | | | | |
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Non-vested RSUs at September 30, 2014 | | 559,689 | | | $ | 12.41 | | | $ | 930 | | | 3 | | | |
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The following table reflects the stock based compensation expense for the awards under the 2012 Equity Plan and predecessor equity plan: |
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| | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, |
Equity Awards | | 2014 | | 2013 | | 2014 | | 2013 |
| | (Dollars in thousands) |
Common stock | | $ | 85 | | | $ | — | | | $ | 85 | | | $ | — | |
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2011 LTIP | | 930 | | | 906 | | | 2,486 | | | 2,040 | |
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Board of Directors Compensation | | 91 | | | 40 | | | 245 | | | 160 | |
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Total stock based compensation | | $ | 1,106 | | | $ | 946 | | | $ | 2,816 | | | $ | 2,200 | |
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The increase in 2011 LTIP stock based compensation expense for the nine months ended September 30, 2014 compared to the same period in 2013 was due to the issuance of additional RSUs in the third quarter of 2013. The increase in stock based compensation expense was offset by forfeitures in the second quarter of 2014, which decreased the outstanding RSUs to 559,689 on September 30, 2014 as compared to 642,582 RSUs on September 30, 2013. The increase in stock based compensation expense related to the Board of Directors for the nine months ended September 30, 2014 compared to the same period in 2013 reflects the compensation increase for Board of Director members effective in the third quarter of 2013. |
Cash Dividends to Stockholders. The following table details our cash dividend payments made in 2014. Cash dividends paid as disclosed in the statements of cash flows for the nine months ended September 30, 2014 and 2013 included previously declared cash dividends on shares of vested restricted stock issued to our non-executive directors. Cash dividends on RSUs and restricted stock have been accrued and are paid when the applicable vesting conditions are met. Accrued cash dividends on forfeited restricted stock and RSUs are also forfeited. |
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Declaration Date | | Record Date | | Payment Date | | Per Share Amount | | Total Payment(1) | | | | |
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March 5 | | March 18 | | March 28 | | $ | 0.125 | | | $ | 2,707 | | | | | |
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April 30 | | May 22 | | June 25 | | 0.125 | | | 2,707 | | | | | |
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July 30 | | August 19 | | September 10 | | 0.125 | | | 2,707 | | | | | |
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| | Total | | | | $ | 0.375 | | | $ | 8,121 | | | | | |
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(1) | The total payment reflects the cash dividends paid in relation to common stock and vested restricted stock. | | | | | | | | | | | | | | | |
Future Cash Dividends to Stockholders. On October 29, 2014, our Board of Directors declared a regular quarterly cash dividend of $0.125 per share of common stock, with a record date of November 18, 2014, and a payment date of December 10, 2014. This cash dividend of approximately $2.7 million will be paid from available cash on hand. |
Common Stock Repurchase Program. The Board of Directors on October 29, 2014 extended the common stock repurchase program through December 31, 2015. In extending the common stock repurchase plan, the Board of Directors also maintained the repurchase authority of $15.0 million as of January 1, 2015. In addition for 2015, the Board of Directors intends to return a total of $26.0 million to stockholders in the form of dividends and/or common stock repurchases. |
Additional Paid-in Capital. For the nine months ended September 30, 2014, additional paid-in capital increased by $2.7 million to $130.0 million at September 30, 2014 from $127.3 million at December 31, 2013. The increase in the nine months ended September 30, 2014 was due primarily to recognition of stock based compensation. |
Net Income per Common Share. Basic net income per common share is computed on the basis of the weighted average common shares outstanding. Diluted net income per common share is computed on the basis of the weighted average common shares outstanding plus the effect of all potentially dilutive common shares including outstanding restricted stock and RSUs, which are treated as contingently issuable shares, using the “treasury stock” method. The components of basic and diluted net income per common share were as follows for the periods stated: |
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| | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, |
| | 2014 | | 2013 | | 2014 | | 2013 |
| | (Dollars in thousands, except share and per share amounts) |
Net income | | $ | 4,652 | | | $ | 5,762 | | | $ | 13,833 | | | $ | 19,515 | |
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Weighted average shares of common stock outstanding | | 21,651,347 | | | 21,629,289 | | | 21,643,951 | | | 21,653,692 | |
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Dilutive effect of restricted stock and RSUs | | 484,207 | | | 289,949 | | | 445,941 | | | 262,371 | |
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Weighted average shares of common stock and common stock equivalents | | 22,135,554 | | | 21,919,238 | | | 22,089,892 | | | 21,916,063 | |
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Net income per common share | | | | | | | | |
Basic | | $ | 0.21 | | | $ | 0.27 | | | $ | 0.64 | | | $ | 0.9 | |
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Diluted | | $ | 0.21 | | | $ | 0.26 | | | $ | 0.63 | | | $ | 0.89 | |
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