SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2013

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 16 — SUBSEQUENT EVENTS

Dividend Payout and Capital Action

In April 2013, the Company’s Board of Directors approved the payment of second quarter dividends of $20.00 per share on the Company’s Series A preferred stock. The dividend is payable on or about May 1, 2013 to shareholders of record as of April 15, 2013. The Board declared a quarterly dividend of $0.15 per share on the Company’s common stock payable on or about May 13, 2013 to shareholders of record as of April 26, 2013. Additionally, on May 1, 2013, at the option of the Company, all outstanding Series A Preferred Stock were converted into 5.6 million shares of common stock.

Stock Repurchase

Subsequent to March 31, 2013, the Company repurchased approximately $27.1 million worth of common stock, pursuant to the Stock Repurchase Plan approved in January 2013.