EQUITY

Common stock

Upon emergence from bankruptcy, we issued 40,882,496 shares of common stock. The Plan of Reorganization specified that we were to issue an additional 517,500 shares of common stock in settlement of pre-petition claims. As of December 31, 2014, we have issued all of the shares of this stock. The par value of common stock reflected on the consolidated balance sheet at December 31, 2014 is summarized below:



Shares issued on Emergence Date	40,882,496
Shares subsequently issued in settlement of pre-petition claims	517,500
Issuance of shares under employee and director compensation programs*	861,503
Shares issued under employee stock purchase plan	6,999
Shares issued upon exercise of warrants**	1,345,556
Total shares***	43,614,054
Par value per share	$	0.01
Par value of common stock at December 31, 2014 (in thousands)	$	436

* These shares include 169,340 shares which vested during the year ended December 31, 2014. Of these vested shares, recipients sold back to the Company 11,120 shares to satisfy tax withholding obligations which are being recognized at cost as treasury stock on the consolidated balance sheet.

** These shares include 904,231 shares issued during the year ended December 31, 2014.

*** In addition to the shares in the table above, there are shares of unvested restricted stock outstanding at December 31, 2014. The par value of these shares has not yet been reflected in common stock on the consolidated balance sheet, as these shares have not yet vested. There are also shares of restricted stock that were returned to treasury upon forfeiture. The par value of these shares is not reflected in the consolidated balance sheet, as no accounting recognition is given to forfeited shares. Certain unvested restricted stock is considered legally issued and outstanding and is included in the number of shares presented on the consolidated balance sheets.

The common stock includes Class A and Class B stock. Class A stock is eligible to be listed on an exchange, whereas Class B stock is not. Any share of Class B stock may be converted to Class A at the election of the holder. Both classes of stock have full voting rights. Both classes of stock have a par value of $0.01 per share. On June 17, 2014, all Class B stock was converted to Class A. The total common stock outstanding at December 31, 2013 includes 28,235 shares of Class B stock. The total number of shares authorized for issuance is 90,000,000 shares of Class A stock and 10,000,000 shares of Class B stock.

Warrants

Upon emergence from bankruptcy protection, we issued 1,634,210 warrants. The Plan of Reorganization specified that we were to issue an additional 544,737 warrants in settlement of the pre-petition claims. As of December 31, 2014, we have issued all of the warrants. The warrants expired on November 30, 2014.

Each warrant entitled the holder to purchase one share of common stock for $25 at any time before the November 30, 2014 expiration date. Upon exercise, a holder could elect a cashless exercise, whereby the number of shares to be issued to the holder was reduced, in lieu of a cash payment. For the year ended December 31, 2014, 1,271,983 warrants were exercised and 904,231 shares of common stock were issued.

Dividends

We began paying a quarterly cash dividend in the second quarter of 2013. The following table sets forth the quarterly dividends per share declared and paid to shareholders for the periods indicated:



Quarter Ending	Dividend Per Share		Date Declared	Date of Record	Date Paid
June 30, 2013	$	0.19	May 8, 2013	May 20, 2013	May 30, 2013
September 30, 2013	$	0.20	August 8, 2013	August 19, 2013	August 30, 2013
December 31, 2013	$	0.21	November 11, 2013	November 22, 2013	December 3, 2013
March 31, 2014	$	0.22	February 25, 2014	March 10, 2014	March 20, 2014
June 30, 2014	$	0.24	May 8, 2014	May 19, 2014	May 29, 2014
September 30, 2014	$	0.27	August 6, 2014	August 18, 2014	August 28, 2014
December 31, 2014	$	0.30	November 6, 2014	November 17, 2014	November 28, 2014
March 31, 2015	$	0.34	February 26, 2015	March 9, 2015	March 20, 2015