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Subsequent Events
12 Months Ended
Dec. 31, 2013
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
On February 6, 2014, the Company declared a quarterly cash dividend of $0.18 per share on its Common Stock amounting to $28 million. The cash dividend is for the period from November 1, 2013 to January 31, 2014 and will be paid on February 28, 2014 to holders of record as of February 17, 2014.
On February 6, 2014, the Company's Board of Directors approved an increase in its share repurchase authorization of its Common Stock to $400 million. As of December 31, 2013, the Company had $228 million remaining under previous authorizations.
On February 4, 2014, the Company entered into a joint venture agreement with Mitsui to form Fairway Methanol LLC (Note 4). The venture has a term of 20 years, subject to a 10 year renewal. The Company holds a variable interest in Fairway Methanol LLC as the primary beneficiary. Accordingly, the Company will consolidate Fairway Methanol LLC and will report a noncontrolling interest for the share of the venture owned by Mitsui. Upon formation, the Company contributed construction in progress and was reimbursed for pre-formation costs paid by the Company through the date of formation (Note 6).