Stockholders' Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Stockholders' Equity

9. Stockholders’ Equity

Common Stock

As of December 31, 2014 and 2013, the Company had 110,000,000 authorized shares of voting common stock and 10,000,000 authorized shares of non-voting common stock. Voting common stock entitles the holder to one vote per share of common stock held.

The following is a summary of the change in the Company’s outstanding shares of voting common stock:

	Year Ended December 31,
		2014	2013	2012
	(In thousands)
Outstanding shares of voting common stock at the beginning of year		39,224	38,902	37,725
Exercise of stock options		120	256	1,498
Issuance of restricted stock, net of shares withheld for tax payments    and cancellations		116	66	(321	)
Outstanding shares of voting common stock at the end of year		39,460	39,224	38,902

In February 2012, the Company repurchased 1,821,730 shares of the Company’s non-voting common stock from JPMorgan Chase & Co. (“JPM”) (See Note 15, “Related Party”) at a cost of $52.9 million. Shares repurchased from JPM were cancelled by the Company. JPM also converted 763,924 shares of non-voting common stock to voting common stock in February 2012.  The voting common stock was issued from treasury stock.

In January 2014, the Board of Directors of the Company authorized a share repurchase program for up to $35.0 million of the Company’s common stock. In July 2014, the Board of Directors increased the authorization under the share repurchase program by an additional $65.0 million of the Company’s common stock. The share repurchase program will expire on December 31, 2015. For the year ended December 31, 2014, the Company repurchased 646,185 shares of common stock at a cost of $38.0 million. Shares repurchased under the program will be held in treasury for future use.

Dividends

In addition to regular quarterly dividends, in December 2012 the Company paid a special cash dividend of $1.30 per share. In January 2015, the Company’s Board of Directors approved a quarterly cash dividend of $0.20 per share payable on February 26, 2015 to stockholders of record as of the close of business on February 12, 2015. Any future declaration and payment of dividends will be at the sole discretion of the Company’s Board of Directors. The Board of Directors may take into account such matters as general business conditions, the Company’s financial results, capital requirements, contractual obligations, legal, and regulatory restrictions on the payment of dividends to the Company’s stockholders or by the Company’s subsidiaries to their respective parent entities, and any such other factors as the Board of Directors may deem relevant.