Stockholders' Equity

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Shareholder Protection Rights Agreement (Rights Agreement)

On February 17, 2015, the board of directors adopted a Rights Agreement and declared a dividend of one Right on each outstanding share of the Company’s common stock. The record date to determine shareholders entitled to receive the Rights was February 27, 2015. The Rights Agreement originally had an expiration date of February 17, 2016.  On May 15, 2015, the Company announced the Rights Agreement had been amended to change the expiration date to May 15, 2015, at which time the Rights expired and the Rights Agreement terminated.

On September 22, 2015, Metro provided the sole shareholder of the Company’s Series A $10 par value noncumulative nonvoting preferred stock (Preferred Stock) a notice of proposed redemption at the redemption price of $25 per share plus all unpaid dividends (as provided for in the Preferred Stock Agreement between Metro and the sole shareholder).  On October 23, 2015, the Company redeemed and permanently retired all 40,000 shares of previously-issued Preferred Stock with a total redemption payment of $1.0 million plus $25,000 of unpaid dividends.