Note 5 - Stockholders' Equity

3 Months Ended

Mar. 31, 2015

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

(5)           STOCKHOLDERS’ EQUITY

Repurchases of Equity Securities

On December 

11, 2012, our Board of Directors approved a stock repurchase program for up to a total of $100 

million of our issued and outstanding Class 

A common stock. The stock may be repurchased from time to time on the open market or in privately negotiated transactions. Repurchases can be made from time to time using a variety of methods, which may include open market purchases or purchases through a Rule 

10b5-1 trading plan, all in accordance with SEC and other applicable legal requirements. The specific timing, price and size of purchases will be determined by our management based on prevailing stock prices, general economic and market conditions and other considerations. The repurchase program does not obligate us to acquire any particular amount of common stock and may be suspended or discontinued at any time. In February 2015, we entered into an amendment to revolving credit agreements that reduced the requirement under the covenant governing the interest coverage ratio. In return for the reduction, the lenders required that we agree to certain financial restrictions, including limiting our ability make certain payments beyond permitted amounts for dividends, acquisitions or share repurchases.

Dividends

In December 

2012, our Board of Directors declared an annual cash dividend on our Class 

A common stock of $1.00 per share. At the beginning of 2013 our Board of Directors announced that we intend to pay a recurring quarterly cash dividend of $0.25 per share. In February 2015, our Board of Directors resolved to suspend the dividend payments indefinitely. Also in February 2015, we entered into an amendment to our revolving credit agreements that reduced the requirement under the covenant governing the interest coverage ratio. In return for the reduction, the lenders required that we agree to certain financial restrictions, including limiting our ability to make certain payments beyond permitted amounts for dividends, acquisitions or share repurchases.

The Board of Directors declared the following dividends for the quarter ended March 

31:

	Quarter Ended		Quarter Ended
	March 31, 2015		March 31, 2014
Dividends Declared (in thousands)	$	-	$	6,654
Dividend per share	$	-	$	0.25