Shareholders' Equity

12 Months Ended

Dec. 31, 2012

Shareholders' Equity

Shareholders' Equity

(11) Shareholders’ Equity

(a) Preferred Stock

On February 7, 2006 we completed a public offering of 3,475,000 shares of our 9.0% Series A Cumulative Redeemable Preferred Stock (Nasdaq: WLFCP) with a liquidation preference of $10.00 per share, or approximately $34.8 million in total. After underwriting commissions and expenses of issuance, we received net proceeds of approximately $31.9 million. The preferred stock accrued cash dividends from the date of issuance at a rate of 9.0% per annum, or approximately $260,625 per month.

On November 2, 2012, the Company redeemed all outstanding shares of its 9.0% Series A Cumulative Redeemable Preferred Stock for approximately $34.8 million in cash. The shares were redeemed at a redemption price of $10.00 per share. Accrued dividends of $147,687 were also paid on the redemption date. In conjunction with the redemption, we recognized a $2.8 million charge representing the original issuance costs that were paid in 2006, which reduced net income available to common shareholders for the year ended December 31, 2012.

(b) Common Stock Repurchase

On September 27, 2012, the Company announced that its Board of Directors has authorized a plan to repurchase up to $100.0 million of its common stock over the next 5 years. This plan extends the previous plan authorized on December 8, 2009, and increases the number of shares authorized for repurchase to up to $100.0 million. During 2012, the Company repurchased 928,261 shares of common stock for approximately $12.7 million under this program, at a weighted average price of $13.72 per share. Of the total shares repurchased, 150,000 shares were repurchased from an executive officer for approximately $2.1 million at a five-day trailing average price of $14.06 per share. The repurchased shares were subsequently retired. As of December 31, 2012, the total number of common shares outstanding was 8.7 million.