Note 9 - Dividends and Dividend Equivalents

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Dividends And Dividend Equivalents [Text Block]

9.

DIVIDENDS AND DIVIDEND EQUIVALENTS

Cash Dividend Program

In

June

2014,

the Board of Directors approved a dividend program pursuant to which the Company intends to pay quarterly cash dividends on its common stock. Based on the Company’s historical practice, stockholders of record as of the last business day of the quarter are entitled to receive the quarterly cash dividends when and if declared by our Board of Directors, which are payable to the stockholders in the following month. The Board of Directors declared the following cash dividends (in thousands, except per-share amounts): 

	Year Ended December 31,
	2016		2015		2014
Dividend declared per share	$	0.80	$	0.80	$	0.45
Total amount	$	32,434	$	31,618	$	17,466

As of

December

31,

2016

and

2015,

accrued dividends totaled

$8.2

million and

$7.9

million, respectively.

The declaration of any future cash dividends is at the discretion of the Board of Directors and will depend on, among other things, the Company’s financial condition, results of operations, capital requirements, business conditions, statutory requirements of Delaware law, compliance with the terms of future indebtedness and credit facilities and other factors that the Board of Directors

may

deem relevant, as well as a determination that cash dividends are in the best interests of the stockholders. The Company anticipates that the cash used for future dividends will come from its current domestic cash and cash generated from ongoing U.S. operations. If cash held by the Company’s international subsidiaries is needed for the payment of dividends, the Company

may

be required to accrue and pay U.S. taxes to repatriate the funds. 

Cash Dividend Equivalent Rights

Under the Company’s stock plans, outstanding RSUs contain rights to receive cash dividend equivalents, which entitle employees who hold RSUs to the same dividend value per share as holders of common stock. The dividend equivalents are accumulated and paid to the employees when the underlying RSUs vest. Dividend equivalents accumulated on the underlying RSUs are forfeited if the employees do not fulfill their service requirement and the awards do not vest. As of

December

31,

2016

and

2015,

accrued dividend equivalents totaled

$4.1

million and

$2.8

million, respectively.