STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2015

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

8.     STOCKHOLDERS' EQUITY

        As of December 31, 2014 and 2015, the Company's issued and outstanding share capital was as follows:

Type	December 31, 2014			December 31, 2015
Common stock issued		158,210,719			158,210,719
Less: Common stock held in treasury		(2,448,553	)		(2,106,865	)
Common stock outstanding		155,762,166			156,103,854

Stock Repurchase Program

        On March 4, 2014, the Board of Directors approved an open market stock repurchase program, pursuant to which the Company was authorized to repurchase up to 2.5 million shares of common stock in the market for use under the Company's 2014 Equity Incentive Plan. During the period ended December 31, 2014, the Company repurchased 2,500,000 shares of its common stock at an average price of $11.89 per share for a total of $29,727. Treasury stock is accounted for under the cost method. In 2014 and 2015, the Company issued 51,447 and 341,688 shares of common stock from treasury upon the exercise of RSUs under the 2013 and 2014 sub-tranche of the 2013 Equity Incentive Plan. In 2015, in connection with the Company's Management Incentive Plan, which provided for the payment of cash bonuses of up to $6 million to specified senior executives in connection with a change in control, certain awards under the Equity Incentive Plan were terminated. The adoption of Management Incentive Plan was accounted for as a modification of Equity Incentive Plan.

        The Company's certificate of incorporation authorizes the Company to issue 175,772,173 shares of common stock. As of December 31, 2014 and 2015, 155,762,166 and 156,103,854 shares, respectively, were outstanding. Each holder of common stock is entitled to one vote for each share of common stock held of record on all matters on which stockholders generally are entitled to vote.

        During 2013, the Company's former and current employees exercised options to purchase an aggregate of 50,000 shares of common stock, respectively, for aggregate consideration of $454.

Dividends

        In 2015, the following dividends were declared and paid:

Declaration date	Per Share Dividend		Aggregate Dividend		Record Date	Payment Date
March 4, 2015	$	0.175	$	27,271	March 16, 2015	March 26, 2015

        Dividends payable to Telcrest of $6,921 for 2015 were blocked pursuant to applicable US sanctions described above in Note 5.