Stockholders' Equity

12 Months Ended

Dec. 31, 2014

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.

At December 31, 2014, the Credit Facility allows the Company to repurchase its common stock or pay cash dividends up to $192,733, 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.

At December 31, 2014, the Company had reserved shares of common stock for future issuance as follows:

Restricted stock units outstanding	1,147,000
Phantom stock units outstanding	119,000
Common stock options outstanding	105,000
2007 Stock Incentive Program - available to grant	3,693,000
Exchangeable unsecured notes, due 2102	2,511,742
Convertible senior debentures, due 2040*	22,685,258
Convertible senior debentures, due 2041*	9,070,490
Convertible senior debentures, due 2042*	14,750,865
Conversion of Class B common stock	12,129,227
	66,211,582

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*At December 31, 2014, the convertible senior debentures due 2040, due 2041, and due 2042 are convertible into 20,134,043, 8,014,230, and 12,912,435 shares, respectively, of Vishay common stock.  The Company has reserved adequate shares to ensure it could issue the maximum amount of shares to be delivered upon a make-whole fundamental change as defined in the indentures governing the debentures.

Quarterly Cash Dividend Program

On February 3, 2014, the Company's Board of Directors approved the initiation of a quarterly cash dividend program. Cash dividends of $0.06 per share of common stock and Class B common stock were paid on March 27, 2014, June 26, 2014, September 18, 2014, and December 16, 2014 to stockholders of record at the close of business on March 3, 2014, June 12, 2014, August 28, 2014, and November 26, 2014.  The amount and timing of any future dividends will be subject to approval by the Board of Directors.