Stockholders' Equity

12 Months Ended

Dec. 31, 2013

Stockholders' Equity [Abstract]

Stockholders' Equity

Note 7 – Stockholders' Equity

The Company's Class B common stock carries ten votes per share while the common stock carries one vote per share. Class B shares are transferable only to certain permitted transferees while the common stock is freely transferable.  Class B shares are convertible on a one-for-one basis at any time into shares of common stock.  Transfers of Class B shares other than to permitted transferees result in the automatic conversion of the Class B shares into common stock.

The Board of Directors may only declare dividends or other distributions with respect to the common stock or the Class B common stock if it grants such dividends or distributions in the same amount per share with respect to the other class of stock.  Stock dividends or distributions on any class of stock are payable only in shares of stock of that class.  Shares of either common stock or Class B common stock cannot be split, divided, or combined unless the other is also split, divided, or combined equally.

On May 31, 2012, the Company repurchased 13,948,687 shares of common stock for an aggregate purchase price of $150,000. The Company repurchased 8,620,689 shares of its common stock on May 13, 2011 for $150,000 and 21,721,959 shares of its common stock on November 9, 2010 for $275,000. At December 31, 2013, the Credit Facility allows the Company to repurchase its common stock or pay cash dividends up to $204,596, conditioned upon the Company maintaining specific pro forma financial ratios and a required minimum amount of available liquidity, as defined in the credit agreement.  The amount and timing of any future stock repurchases remains subject to authorization of the Company's Board of Directors.

The Company issued 8,823,529 warrants to acquire shares of Vishay common stock as part of the purchase price for the 2002 acquisition of BCcomponents.  These warrants expired in December 2012.

At December 31, 2013, the Company had reserved shares of common stock for future issuance as follows:

Common stock options outstanding	109,000
Restricted stock units outstanding	1,059,000
2007 Stock Incentive Program - available to grant	766,000
Phantom stock units outstanding	107,000
Phantom stock units available to grant	75,000
Exchangeable unsecured notes, due 2102	2,511,742
Convertible senior debentures, due 2040*	22,285,258
Convertible senior debentures, due 2041*	8,870,490
Convertible senior debentures, due 2042*	14,450,865
Conversion of Class B common stock	12,129,227
	62,363,582

___________________

*The convertible senior debentures due 2040, due 2041, and due 2042 are convertible into 19,809,103, 7,884,885, and 12,704,055shares, respectively, of Vishay common stock.  The Company has reserved the maximum amount of shares to be delivered upon a make-whole fundamental change as defined in the indentures governing the debentures.

Subsequent Event

On February 3, 2014, the Company's Board of Directors approved the initiation of a quarterly cash dividend program.  The initial cash dividend of $0.06 per share of common stock and Class B common stock will be paid on March 27, 2014 to stockholders of record at the close of business on March 3, 2014.  Future dividends will be subject to approval by the Board of Directors.